Al Ahli Bank of Kuwait- Egypt (ABK- Egypt) said on Monday its net profit doubled to 1.7 billion Egyptian pounds ($55.5 million) in 2022 from 833 million pounds in 2021.
Net Interest Income reached 2.7 billion pounds, representing an increase of 29.1 percent compared to 2.1 billion pounds in December 2021. Net Operating Profit recorded 2.2 billion pounds, a 26.3 percent year-on-year growth compared to 1.7 billion pounds in previous year.
Ali Marafi, Chairman of Al Ahli Bank of Kuwait – Egypt (ABK-Egypt)
Total assets grew by 33.2 percent to 75.6 billion pounds compared to 56.8 billion pounds in December 2021. Customer Deposits increased by 38.2 percent to 66.2 billion pounds from 47.9 billion pounds. Total gross loans portfolio rose by 29.95 percent year-on-year to 35.6 billion pounds compared to 27.4 billion pounds in 2021.
Ali Marafi, chairman of ABK-Egypt, commended the positive results and remarkable growth rates achieved in the financial year 2022 across all financial indicators, which demonstrate the strength of the bank’s business strategy and the agility of its operating model despite the turbulent economic landscape. Marafi also praised all endeavours taken by the Egyptian government and the Central Bank of Egypt (CBE) and their constant keenness to provide valuable guidance and support to the banking sector to navigate the unprecedented changes witnessed.
“Our focus on our strategic direction allowed us to boost our market share while adhering to prudent risk management practices, and I take this opportunity to thank the Executive Management team for working diligently to achieve growth whilst effectively applying standards of governance throughout the year.” Marafi said.
Highest Profits Since start of Egypt Operations
For his part, Khaled El Salawy, CEO and managing director of ABK-Egypt, said: “We take pride in achieving these outstanding results in 2022, recording highest profits since we started our operation in Egypt seven years back.”
“We managed to deliver remarkable results in terms of growth and profitability during a very exceptional year with Profit before Tax recording a 70% year-on-year increase to reach EGP 2.2 billion compared to EGP 1.3 billion in 2021.”
“Our positive performance reflects a solid financial position and confirms the effective role played by our team in delivering our strategy and fortifying our market position.”
El Salawy concluded by saying that the board remains positive about ABK Egypt’s future in the country and support all efforts exerted by the Egyptian government and the CBE “that pave the way for a brighter economic outlook.”
“We also remain committed to supporting the national direction towards digital transformation in line with our digital strategy and Financial Inclusion goals. Within the framework of this commitment, ABK-Egypt recently launched a series of initiatives that target unbanked segments with appealing benefits.”
ABK-Egypt statement further added that the bank’s strategy would continue to focus on sustainable growth through investing in the development of its human capital, enhancing its competitive advantage across all sectors, and taking further steps towards strengthening its relationship with customers.
