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ABK-Egypt Reports Solid Profit of EGP 580 Million in the First Half of 2021

Egypt, 1st August, 2021: Al Ahli Bank of Kuwait - Egypt (ABK-Egypt), one of Egypt’s fastest growing banks, today reported strong results for the six-month period ended 30th June 2021. Net Operating Profit stood at EGP 756 Million, a 20 percent increase compared to the first half of 2020. Net Interest Income grew by 13 percent to reach EGP 1 Billion. Total Assets grew by 19 percent to reach EGP 49 Billion. The Bank’s Total Customer Deposits saw a sharp increase of 27 percent standing at EGP 42.6 Billion compared to EGP 33.6 Billion for the period ended 31 December 2020. Total Loans portfolio grew by 5 percent for the six-month period compared with last year to reach EGP 22.90 Billion.

 

The Bank’s Profit before tax stood at EGP 580 Million and Net Profit at the end of the first half of 2021 increased by 12 percent over the corresponding half in 2020 to reach EGP 396 Million. The increase in Net Profit is testament to the success of prudent management decisions in mitigating the economic impact of the pandemic.

Mr. Ali Marafi, Chairman of ABK-Egypt said; “The positive financial results achieved by the Bank in the first half of this year, despite the economic and health challenges imposed by the COVID-19 pandemic, reflect the Bank’s ability to respond with agility and positivity in all circumstances to achieve sustainable profit. As one of the leading financial institutions in Egypt, we will continue our commitment to support retail and corporate customers, providing them with high-quality banking solutions while ensuring we continue to enhance and strengthen the social fabric through the social responsibility initiatives launched by the Bank. I would like to take this opportunity to thank the executive management team and all employees for their dedication throughout this period.”


Mr. Khaled El Salawy, CEO & Managing Director of ABK-Egypt expressed his pride at the positive results achieved by the Bank during the first half of the year and voiced his gratitude to the teams for their dedication in ensuring the protection of customer and shareholder interests during this challenging period.  He also stressed that the Bank’s priorities since the beginning of the pandemic have been to take quick measures to maintain the quality of the credit facilities portfolio, provide high liquidity ratios and invest in digital banking solutions and electronic banking services provided to retail and corporate customers, ensuring swift adaptation in an ever changing market.


In conclusion, Mr. Khaled El-Salawy stated that he is fully convinced that the banking sector has already begun to recover gradually from the effects of the pandemic, thanks to the initiatives put forward by the Central Bank of Egypt.  He stressed that despite the unprecedented negative impact of the pandemic, the Egyptian economy has the ability to contain and overcome the impact of the crisis to achieve and exceed global growth rates.

ABK-Egypt will continue to innovate and implement a long-term strategy to support institutions and companies across Egypt to support economic recovery. Within the framework of this commitment, ABK-Egypt recently launched a certificate of deposit for companies at a fixed competitive rate that caters to the varying needs of businesses to provide them with the necessary flexibility to overcome economic challenges.


ABK-Egypt is committed to promoting values of social responsibility as part of its dedication to serving, developing and advancing the communities in which it operates. The Bank works closely and collaboratively with non-profit organizations, government agencies and community entities to provide the necessary support. Emphasizing its commitment to support efforts to provide health care in local communities, ABK-Egypt made a financial donation in favor of Ahl Masr Burn Hospital in the name of "Ahl Masr Foundation for Development". The donation will aid the construction of the facility and the provision of life saving medical equipment to treat burn victims.

As part of its commitment to supporting health and wellbeing of the community, ABK-Egypt donated towards ten medical convoys in partnership with Ibrahim Badran Foundation. The convoys were organized for school children in ten underprivileged villages in Qalubia, and is equipped to support 7000 patients and 8000 beneficiaries over the course of 2021. In addition, the Bank donated an Ultrasound device for the second consecutive year to Dr. Moustafa Mahmoud Association Medical Center.


The Bank actively advocates and supports the empowerment of women in society. ABK-Egypt financed ten small businesses led by women, supporting initiatives that play a key role in driving economic independence for women. Through this contribution, they are able to work independently and make the necessary provisions for their families in the face of economic adversity.