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

The Daily News Egypt - - Events -

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.”

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