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ABK-Egypt Reports Robust Results in First Quarter 2021

Egypt, May, 2021: Al Ahli Bank of Kuwait - Egypt (ABK-Egypt), one of Egypt’s fastest growing banks, today reported strong  results for the first three-month period ended 31st March 2021. Operating Profit stood at EGP 360 Million, a 14 percent increase over the first quarter of last year. Net Interest Income also grew by 14 percent to reach EGP 490 Million. Net Profit at the end of the first quarter stood at EGP 135 Million, a decline of three percent compared to the corresponding quarter last year, due to precautionary provisions taken to offset the potential impact of the COVID-19 crisis on clients. 
Total Assets grew by 9 percent compared to 31st December 2020 to reach EGP 45 Billion. The Bank’s Total Customer Deposits stood at EGP 39 Billion, a 15 percent increase compared to 31st December 2020 and Total Loans grew to reach EGP 21.4 Billon. Strong capital and liquidity, coupled with a healthy deposit mix, enabled the Bank to deliver consistent support to individual and institutional customers.   

Mr. Khaled El Salawy, CEO & Managing Director of ABK-Egypt, said: “The results of the first quarter of this year underscore ABK-Egypt’s relentless customer focus, and the combined success of our judicious business model which enabled us to accelerate the pace of our digital adoption and transformation. Going forward we remain committed to technological innovation to establish ourselves as the ideal, equipped banking partner for a cashless society.”

  “I would like to take this opportunity to extend our gratitude to the Central Bank of Egypt for their wise leadership and our management and employees for their continued dedication, as we move towards a gradual economic recovery following global disruption last year.” El Salawy added.

  During the last quarter, ABK-Egypt further expanded its strong network of 44 branches, with the opening of two branches in Arkan Mall in Sheikh Zayed, Giza and Grand Nile Tower in Nile Cornish, Beni Suef.
 
 
ABK-Egypt is committed to being a responsible corporate citizen, investing efforts and resources in building empowered societies. The Bank continues working closely with non-profit organizations, government bodies, and community groups to address key day-to-day societal challenges and made a generous contribution to Geziret El Kheir Foundation, to support health and emergency initiatives for the club workers and pensioners.
 
 
In collaboration with the Orman Charity Association, the Bank participated in the distribution of 1,000 boxes of food supplies for underprivileged families across Egypt during the Holy Month of Ramadan. ABK-Egypt also made a donation to Ahl Misr Foundation towards the construction of their specialized hospital for burn victims, as well as a donation to the Inner Wheel Club of Cairo North, in support of the National Cancer Institute and Elderly Homes projects.