Al Ahli Bank of Kuwait – Egypt Achieves Breakthrough Results for the Financial Year 2023 with Net Profit Recording EGP 2.803 Billion

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Kuwait / Egypt, Mar 13: Al Ahli Bank of Kuwait – Egypt (ABK-Egypt) recently announced strong financial results for the fiscal year 2023, reporting a record increase in the Bank’s Net Profit by 67%, which stood at EGP 2.803 billion compared to EGP 1.682 billion in 2022. Net Operating Profit reached EGP 3.924 billion, representing an 82% year-on-year increase compared to EGP 2.162 billion in 2022. As for ABK-Egypt’s financial position, Total Assets stood at EGP 97.606 billion, recording a 29% growth compared to EGP 75.603 billion in December 2022.

According to the Bank’s announced results, Net Interest Income reached EGP 4.088 billion, an increase of 49% compared to EGP 2.749 billion in 2022. This remarkable increase in profitability is attributed to the significant growth in the Bank’s Total Gross Loans Portfolio, which increased by 39% to record EGP 49.480 billion compared to EGP 35.610 billion, while Customer Deposits increased by 26% to reach EGP 83.064 billion compared to EGP 66.153 billion in December 2022.

Commenting on the results, Ali Marafi, Chairman of ABK-Egypt, stated, “The outstanding performance achieved last year demonstrates our unwavering commitment to our progressive strategy and long-term vision that focuses on sustainable growth in the Egyptian market, which holds promising investment opportunities.”

Furthermore, Marafi affirmed that ABK-Egypt has taken steady steps towards adapting to the changes in the economic landscape, reflecting its resilience in facing the consequential challenges on local, regional, and global levels. He also commended the professional performance of the Executive Management team, which ensured profitability whilst maintaining a vigilant focus on the quality of the Bank’s credit portfolio. Finally, he expressed his gratitude to the Bank’s Board of Directors, shareholders and clients for their constant trust and commitment to ABK-Egypt.

Digital Transformation

Marafi emphasized that ABK-Egypt is dedicated to intensifying its digital transformation strategy in order to consistently meet customer needs. This involves offering top-notch digital services that prioritize speed, comfort, and accuracy to expand the Bank’s customer base. Additionally, ABK-Egypt is committed to delivering a high standard of service through a seamless and flexible experience to maintain ongoing customer satisfaction.

45 Branches

Marafi disclosed that in 2023, ABK-Egypt continues to work on its ambitious expansion plan. With its 45 branches in different governorates across Egypt, this demonstrates the Bank’s commitment to reaching diverse customer segments and expanding its customer base.

He further stated that ABK-Egypt strives to consistently meet and surpass customer expectations. This initiative is among several efforts that reinforce its standing as a preferred partner in the local marketing, continuously offering new products and services.

Growth Indicators

Reaffirming the strength of the Bank’s financial position, Khaled El Salawy, CEO & Managing Director of ABK-Egypt said, “The Bank succeeded in achieving breakthrough performance in terms of growth and profitability during a very exceptional year. With Profit Before Tax recording a 72% year-on-year increase to reach EGP 3.8 billion, I am proud to say that 2023 did not slow us down. We have managed to progress at a steady pace in an extraordinary year, demonstrating the agility of our business model and prudence of our decisions that allowed us to best navigate the unprecedented changes and seize business opportunities that strengthened our position in the face of competition.”

El Salawy praised the efforts of the robust, prudent, and committed team, who are the Bank’s primary catalyst of success. He also commended the leading role played by the Central Bank of Egypt (CBE) in supporting the entire banking sector to navigate the turbulent economic conditions.

Finally, El Salawy affirmed that ABK-Egypt maintains a positive outlook regarding the stabilization of economic conditions thanks to the efforts and measures taken by the government in overcoming challenges and leading the economic recovery.

The Bank’s strategy continues to focus on achieving robust growth rates on all financial performance indicators through enhancing its competitive advantages across all business sectors, investing in the development of its human capital, taking further steps towards strengthening its relationship with customers, and delivering innovative banking services that provide ease and convenience to various customer segments. This is all to ensure that ABK-Egypt continues to achieve its ambitious goals and maintains its strong position in the Egyptian market.

El Salawy emphasized ABK-Egypt’s commitment to supporting the small and medium-sized enterprises (SME) sector by streamlining procedures and eliminating obstacles for young entrepreneurs. He underlined the pivotal role of the banking sector in fostering the growth and development of these projects.

He also mentioned that the Bank is dedicated to adhering to advanced standards that ensure the delivery of efficient, fast, and valuable banking services to customers. This is applicable to all customer segments, including the youth who seek digital banking solutions, as well as the elite customer segment, whose needs will be met through Wealth Management that offers a range of banking and non-banking services, along with exclusive benefits.

Fastest Growing Bank

ABK-Egypt has recently been honored with the ‘Fastest Growing Bank – Egypt 2023’ award by International Business Magazine. This accolade recognizes the Bank’s accomplishments and the substantial growth it has experienced since ABK Group’s acquisition of Piraeus Bank – Egypt in 2015.

This award represents a significant accomplishment, reflecting the Bank’s strategic vision and unwavering commitment to excellence. It showcases the Bank’s capacity to adapt to the ever-evolving needs of its customers, while also demonstrating its ongoing ability to achieve sustainable growth and offer unique banking solutions for individuals and businesses in Egypt.

Corporate Social Responsibility (CSR)

Over the course of 2023, ABK-Egypt continued its CSR efforts through launching initiatives and activities that focus on supporting underprivileged segments of society and empowering Egypt’s future generations.

The Bank continued to affirm its dedication to the wider communities through extending full support to those in need and with an array of social initiatives ranging from the provision of financial relief, outreach to the underprivileged with shelter, healthcare, and food supplies, and exploring opportunities to help children, youth, women, and individuals with disabilities.

In addition, the Bank has taken an active part in all financial inclusion initiatives launched by CBE to raise awareness among all segments on financial literacy and banking services.

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