ABK-Egypt Reports 22 Per Cent Increase in Net Profit for First Quarter of 2020

Maintaining its positive growth trajectory through challenging times with the current COVID-19 pandemic, Al Ahli Bank of Kuwait – Egypt (ABK-Egypt), one of Egypt’s fastest growing banks, reported robust results for the first quarter of 2020.

Net Profit for the period ended March 31, 2020 reached EGP 140 Million, a substantial increase of 22 per cent over the same period last year. Net Operating Profit for the period reached EGP 316 Million a 50 per cent increase compared to EGP 212 Million in the corresponding period of last year.

The Bank’s gross customer deposits and loans grew by 2 per cent compared to the previous year to reach EGP 28.7 Billion and EGP 19.9 Billion respectively.

Mr Khaled El Salawy, CEO & Managing Director of ABK-Egypt, said: “ABK-Egypt has achieved a robust start to 2020, and continues to grow on all key parameters. Despite the unprecedented global market disruption, we have remained true to our strengths, focusing on core operations, placing our customers first, nurturing a culture of transparency, concentrating on prudent and profitable lending and providing world-class standards of corporate governance and risk management practices. The results are a validation of our growth strategy, and has put us in a position to withstand the current market stress. We have invested significantly in technology implementation over the past year, and have reinforced digitization as a strategic pillar for continued growth, in alignment with national initiatives. I would like to take this opportunity to thank the Central Bank of Egypt for their guidance during this trying period, and our management and staff for their continuous hard work and dedication as we forge ahead with confidence.”

The Bank recently launched a unique range of innovative products and services including a personal loan specially tailored for doctors. The benefits include a loan amount up to EGP 500,000 with competitive interest rates, flexible loan repayment period of 60 months and optional life insurance for the loan amount.

ABK-Egypt was recently named ‘Fastest Growing Bank in Egypt’, by International Finance Magazine, in recognition of its strong commercial performance and its multiple efforts to make banking more accessible and straightforward.