Kuwait Times, Sun, Jun 02, 2024 | Dhu al-Qadah 25, 1445
Al Ahli Bank of Kuwait – Egypt records EGP 3.185 billion net profit in Q1 2024
Kuwait:
Al Ahli Bank of Kuwait - Egypt (ABK-Egypt) recorded breakthrough
financial results for Q1 2024, achieving a significant increase in Net Profit by
189 percent, which stood at EGP 3.185 billion compared to EGP 1.102 billion over
the same period in 2023. Net Interest Income increased by 71 percent to reach
EGP 1.439 billion compared to EGP 841 million in March 2023, while Net Fees and
Commissions income grew by 165 percent to reach EGP 477 million compared to EGP
180 million over the same period last year.
Furthermore, the Bank’s Total Assets grew by 18 percent to reach EGP 115.159
billion compared to EGP 97.606 billion in December 2023. Total Customers
Deposits increased by 15 percent to reach EGP 95.865 billion compared to EGP
83.064 billion at the end of 2023 and Total Gross Loans Portfolio increased by
22 percent to reach EGP 60.385 billion compared to EGP 49.494 billion at the end
of 2023. In addition, the Non-Performing Loans (NPL) ratio was 1.65 percent at
the end of March 2024.
Commenting on the results, Ali Marafi, Chairman of ABK-Egypt, stated, “The
Bank’s outstanding results over Q1 2024 reflect the remarkable success in
delivering our growth strategy. It also confirms the strength of the Bank’s
financial position, balance sheet, quality of credit services, sustainable
finance, and liquidity growth ratios while maintaining steady growth in business
volume and profitability, all paving the way to achieving further success in
2024.”
Marafi added that ABK-Egypt continues to actively carry out its digital
transformation plan in its operations. The Bank remains committed to staying
abreast of changes and developments in the banking industry, catering to all
customer needs through innovative banking solutions, products, and services
He elaborated that ABK-Egypt is also expanding its presence across various
Egyptian governorates. The Bank is focused on modernizing its branches with the
latest technologies to enhance customer satisfaction and attract them, with the
aim of becoming their preferred banking partner in Egypt. Emphasizing
customer-centricity, the Bank prioritizes customer needs and consistently
strives to deliver exceptional services 24/7.
Marafi attributed this success to the Executive Management for leading the
implementation of ABK-Egypt’s strategic plans and ensuring the agility of its
business model in the face of changing local and global economic environments.
He said, “These efforts have ensured that we are well equipped and able to build
on our growth momentum to achieve exceptional results on all financial
indicators.”
Marafi added that he is confident that the Bank will continue to achieve
remarkable progress and that the team will spare no effort in achieving aspired
growth across all business lines and upholding its strong position in the
Egyptian market. He continued, “We will remain committed to our vigilant
approach in facing prevailing challenges and will continue to upgrade our
digital infrastructure to gain market share in a highly competitive sector and a
vastly changing technological landscape.”
He also stated that ABK-Egypt is ready to engage in financing development
projects in the country. The Bank aims to support small and medium enterprises,
entrepreneurs, and other institutions as part of its strategic plans and its
role as a responsible financial and banking institution. Marafi stated that the
Bank is working on forming partnerships with local entities to conduct training
courses aimed at enhancing the skills and productivity of its employees. The
Bank is also focused on attracting top talents to join its divisions, thereby
boosting its innovative capabilities.
He elaborated that the Bank is also developing plans to address the current
economic challenges in Egypt. Furthermore, ABK-Egypt remains committed to
supporting the relevant authorities in the country to meet the needs of citizens
and residents, acknowledging the dedicated efforts of all parties involved in
elevating economic activity to greater heights in the upcoming period. At the
end of his statement, Marafi expressed his gratitude to all regulatory
authorities in Egypt, led by the Central Bank of Egypt, for their ongoing
support and relentless efforts to enhance the banking sector’s performance and
achievements over time.
Strongly positioned
Reaffirming the strength of the Bank’s financial results, Khaled El Salawy, CEO
& Managing Director of ABK-Egypt, said, “We are delighted to start the year with
outstanding growth rates on all financial indicators, which reinforces our
strong position and sets us on the right path. We were able to achieve
operational excellence on all business fronts, which led to realizing
outstanding financial results as Profit Before Tax shows a notable increase of
185 percent to reach EGP 3.558 billion by the end of March 2024, compared to EGP
1.249 billion over the same period in 2023. Our strong performance in Q1 grants
us confidence in the capability of our team to deliver even stronger results in
the future.”
El Salawy further acknowledged the efforts of all employees for their hard work
and perseverance that allowed the Bank to consistently deliver added value to
customers whilst adhering to an astute risk management framework to adapt to
market changes. He said, “The Executive Management remains committed to
implementing our ambitious growth strategy that is pillared upon resilience and
innovation and look forward to achieving more accomplishments to make 2024
another successful year for ABK-Egypt.”
El Salawy also stated that the upcoming period will witness further focus on
leveraging performance across all business lines as well as higher proficiency
in serving the the needs of all customer segments and speed in adapting to
market changes. He clarified, “We intend to focus on achieving our strategic
priorities that enable us to achieve rapid growth and an increase in our market
share.” Furthermore, El Salawy mentioned that the Bank provides a range of
offers and promotional campaigns throughout the year to reward customers for
their trust and to entice them to utilize its diverse solutions for their
ongoing financial and banking transactions.
Corporate social
responsibility
El Salawy highlighted that ABK-Egypt is actively strengthening its social
responsibility program by sponsoring various health, educational, sports,
cultural, and other events and initiatives in collaboration with diverse
entities and institutions across sectors. These initiatives reinforce the Bank’s
presence and uphold its prominent position among all segments of society.
Ambition and awards
In continuation of ABK-Egypt’s journey of success throughout the past eight
years, the Bank will continue to set ambitious goals for 2024 and beyond to
boost performance, expedite growth, and maximize profitability whilst
maintaining governance standards and applying best banking practices.
ABK-Egypt’s strong performance and noticeable growth rates have been recognized
over the years through prestigious awards from various reputable entities. The
most recent of which is MEED’s MENA Banking Excellence Awards where ABK-Egypt
was recognized as ‘Best Retail Bank – Egypt’ as well as ‘Fastest Growing Bank in
Egypt’ by International Business Magazine.