ABK-Egypt reports 22% increase in net profit for Q1 of 2020
Bank maintains its strong growth trajectory: Marafi
KUWAIT: Maintaining its positive growth trajectory through challenging times with the current COVID19 pandemic, Al-Ahli Bank of Kuwait - Egypt (ABKEgypt), 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.
Ali Ibrahim Marafi, Chairman of ABK-Egypt said: “In the face of global health, economic and social upheaval caused by COVID-19, ABK-Egypt’s team has shown steadfast purpose and tenacity in navigating the challenges faced. I would like to thank them for their dedication and hard work during this difficult time. Remaining true to our strengths, ABK-Egypt’s commitment is threefold: firstly, to implement our contingency plans to ensure the health and safety of our colleagues and clients; secondly, to ensure business continuity and clients’ access to our full suite of banking services and products; and thirdly, to provide support to our clients and our communities during this difficult period.
We are tackling the crisis with care, governed by insight, and are confident in our business model; the swiftness of our operational model driven by technological and digital advancements; and the strength of our capital and risk profile. We remain wholly committed and are thankful to the Government of Egypt and the Central Bank of Egypt’s directives in introducing measures to protect the health of the residents and extend economic relief measures to those in need.”
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 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.