Kuwait City, August 17: Al Ahli Bank of Kuwait - Egypt (ABK-Egypt) recorded outstanding financial results during the first half of 2024, reporting a significant increase in Net Profit by 154%, reaching EGP 4.315 billion compared to EGP 1.699 billion during the first half of 2023. This reflects the continued strong performance of the bank in the Egyptian banking sector. Net Interest Income increased by 68% to reach EGP 2.988 billion by the end of June 2024, compared to EGP 1.779 billion during the same period in 2023. Net Fees and Commissions income grew by 82.3%, reaching EGP 855 million compared to EGP 469 million at the end of June 2023.

Furthermore, the Bank’s Total Assets grew by 30.5% to reach EGP 127.4 billion, compared to EGP 97.6 billion at the end of 2023. Total Customer Deposits increased by 25%, to reach EGP 103.8 billion compared to EGP 83.1 billion at the end of 2023, and Total Gross Loans Portfolio increased by 26.1%, reaching EGP 62.4 billion compared to EGP 49.5 billion at the end of 2023. The Non-Performing Loans (NPL) ratio was 1.62% at the end of June 2024.

Commenting on the results, Mr. Ali Marafi, Chairman of ABK-Egypt, stated, "Our strong financial results in the first half of this year confirm our ongoing success in strengthening our position within the Egyptian banking sector, which enjoys promising growth opportunities." He added that ABK-Egypt has achieved in becoming one of the fastest-growing banks, as reflected in the financial indicators achieved during the first six months of the current year, and emphasized the commitment to continue achieving strong growth rates across all levels.”

He added that ABK-Egypt continues to develop plans to face economic challenges at the local, regional, and global levels. He further noted that ABK-Egypt is fully prepared to finance major projects within Egypt’s development vision, fulfilling its role as a responsible banking institution in the Egyptian market. He stressed the importance of cooperation between the public and private sectors to elevate the Egyptian economy to higher levels in the future.

Marafi elaborated that the Bank's results demonstrate its ability to continue achieving growth across most of its financial indicators, thanks to its prudent approach, its commitment to meeting all customer needs, gaining their satisfaction, and investing in providing a distinguished and integrated banking experience through its website, mobile application, and branches.

Marafi affirmed ABK-Egypt's commitment to supporting all efforts by the Egyptian government, the Central Bank of Egypt, and other responsible entities that pave the way for economic stability and growth in Egypt.

Marafi stated that ABK-Egypt continues to develop its plans, keep pace with changes in the banking industry, provide the latest technologies in its branches, and expand its presence across Egypt. He highlighted the introduction of the latest technologies as part of the ongoing digital transformation plan, which will help the Bank achieve further successes in the future.

ABK-Egypt issued its first sustainability and carbon footprint report during the first half of 2024, in line with the Global Reporting Initiative (GRI), reflecting the importance of measuring the Bank’s performance using sustainability criteria.

Marafi noted that issuing the Bank’s first sustainability report reflects its full commitment to the highest levels of governance and transparency in dealing with various stakeholders, disclosing the results of its operations and their impact on environmental, economic, and social levels. He stressed the Bank's commitment to leaving a positive impact and reducing emissions from its activities across all departments and divisions.

The report covers the most important achievements and initiatives of the Bank in 2023, in addition to its accomplishments in economic, social, environmental, and governance areas. It confirms that the Bank prioritizes contributing to achieving Egypt’s Vision 2030 for sustainable development, driving economic growth, and integrating environmental, social, and governance (ESG) practices into its various activities and operations, while designing and developing a model for managing environmental and social risks.

Best Retail Bank

In the first half of this year, ABK-Egypt was named the Best Retail Bank in Egypt at the Banking Excellence Awards ceremony organized by MEED, in recognition of the Bank's outstanding performance and success in meeting the needs of customers from various segments.

Marafi stated that the award confirms its success in earning the trust of international institutions specialized in performance evaluation, gaining customer confidence, and keeping up with continuous developments in the banking industry.

Proven Track Record

Mr. Khaled El Salawy, CEO and Managing Director of ABK-Egypt, said, "Our Profit Before Tax increased by 140%, reaching EGP 5 billion at the end of the first half of 2024, adding a new achievement to our proven track record."

He added that this reflects ABK-Egypt’s pursuit of achieving its strategic objectives and reaching a distinguished position in the banking sector in Egypt. El Salawy praised the efforts of ABK-Egypt’s employees and all members of the Executive Management for their commitment to applying best practices to achieve sustainable growth.

El Salawy mentioned that the Bank’s strategy focuses on increasing its market share among retail and corporate customers, explaining that the Bank invests significantly in developing the digital services and products it offers in the market and keeping up with technological developments to enhance the customer experience and support the Central Bank of Egypt’s plan to achieve financial inclusion across all segments of Egyptian society.

He pointed out that ABK-Egypt continues to participate in and sponsor various community initiatives in collaboration with many partners across different sectors, ensuring that the Bank meets the needs of underprivileged segments in the country and launches numerous initiatives to enhance its presence.

El Salawy explained that ABK-Egypt continues to meet the financing needs of small and medium enterprises, helping them grow their businesses, given their significant role in the Egyptian economy and contributions to supporting the efforts of responsible entities to achieve economic prosperity and growth.

He affirmed that the Bank continues to offer a variety of loans to retail customers, which helps gain their trust as their preferred banking partner.

In conclusion, El Salawy mentioned that the Bank continues to invest in developing its employees' capabilities by organizing numerous training programs, helping them enhance their performance and productivity, and increasing their levels of innovation. This, in turn, allows the Bank to offer more products and services that meet the needs of all customer segments in the Egyptian banking sector.