ABK-Egypt reports healthy H1 net profit – Assets soar 26% to EGP 18.91 bn; deposits up by 27%
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KUWAIT CITY, Aug 23: Al-Ahli Bank of Kuwait-Egypt (ABK-Egypt) announced its results for the first half of 2017, posting an after-tax net profit of EGP 161 Million. Assets soared by 26 percent to reach EGP 18.91 Billion, while its loans and credit facilities portfolio expanded by 35 percent, reaching EGP 9.85 Billion. Deposits grew by 27 percent to a total of EGP 15.69 Billion.
Ali Marafi, Chairman of ABK-Egypt said: “The performance of ABK-Egypt in the first half of 2017 is a reflection of our long-term strategy to focus on the development of services and skills within the Bank which will ultimately enable us to reach the level we aspire to. With a strong senior management team in place, and focusing on our strategic objectives, we are moving forward with confidence. I take this opportunity to thank everyone who has made a contribution to these positive results.”
CEO & Managing Director of ABK-Egypt, Khaled El Salawy, stated that the efforts exerted in the past period positively reflected on ABK-Egypt’s solid results, and that it would further strengthen its position as one the promising banks in Egypt.
El Salawy said: “The progress we have made is due to the diligent work of our employees and the business decisions we have taken thus far.
We look forward to enhancing competitive advantages of our services, providing unique banking solutions that meet the needs of individuals and companies, as well as supporting small and medium enterprises as part of our commitment to advancing Egypt’s economy.”
ABK-Egypt has been recognized by a number of credible entities for their growth & positioning over the past year. In 2017, ABK won the “Best New Brand in Egypt” by Banker Middle East and the “Best New Bank in Egypt” by the European Magazine – a Thomson Reuters affiliate.
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