Al Ahli Bank of Kuwait - Egypt reaches the EGP 1 Billion mark for Net Operating Profits in Q3 2018

Cairo, Egypt; November 4th, 2018: ABK-Egypt today announced the bank’s financial performance for the first nine months of 2018.The Bank recorded EGP 1bn in net operating profits, leading to a 75% increase in net profits, after taxes, versus same period in 2017 to reach 419m, highlighting ABK-Egypt’s efforts to expand its innovative solutions for customers. Total assets also stood at EGP 28bn, recording a growth of 34% from December 31 2017, and customer deposits increased to EGP 24bn, reflecting a 38% increase over a 9-month period.The total portfolio of customer loans and facilities increased by 35%,to reach EGP 15bn versus end of 2017.

Khaled El Salawy, CEO and Managing Director of ABK-Egypt, commented:“We are pleased with our performance during the first nine months of this year. Our results reflect the bank’s successful strategy to focus on solutions and activities that achieve sustainable growth, which is the main attribute forABKEgypt’s growth. We are inherently dedicated to delivering an advanced customer experience by consistently developing and upgrading our product offers, and catering effectively to the needs of existing and potential customers.”

Concerning ABK-Egypt’s next steps, El Salawy added: “Following the positive year-to-date results, we want to move forward by focusing on a strategic plan that will continue advancing our operations.With the help and commitment of our employees, we aim to secure our financial position, maximise profitability, and maintain our favourable asset quality and business performance ratios.”