ABK-Egypt reports strong results for financial year 2019
KUWAIT: Al-Ahli Bank of Kuwait Egypt (ABK-Egypt), one of Egypt’s fastest growing banks, has reported strong results for financial year 2019. Net operating profit increased 39 percent year-on-year to reach EGP 1 billion, while net interest income grew 38 percent to EGP 1.43 billion.
ABK-Egypt’s year-on-year performance was very strong with net profit standing at EGP 749 million (after excluding foreign exchange revaluation impact), total assets rising by 27 percent to reach EGP 35.69 billion. Customer loans also grew by 20 percent year-on-year to reach EGP 19.14 billion and customer deposits grew by 17 percent to reach EGP 28.19 billion.
Ali Ibrahim Marafi, Chairman of ABK-Egypt, said: “We are extremely pleased with the Bank’s performance in 2019, particularly the double-digit increases in net interest income and total assets. We are working hard to ensure we keep the momentum achieved over the past four years. In line with our strategy, we will continue investing in our people as our number one asset, to ensure providing our clients from all segments with the best-in-class service. We have a shared goal of service excellence and growth, to maximize long-term shareholder value.”
Khaled El Salawy, CEO and Managing Director of ABK-Egypt, said: “These results reflect ABKEgypt’s underlying strength and our emphasis on steady, profitable growth. All of our key performance indicators are up, with many areas of doubledigit percentage growth, which reflects this team’s ability to translate our ambitious strategy into tangible results. We are currently working on our digital transformation strategy, which will have a positive effect on our customer service levels and ultimately the bottom line. I would like to seize this opportunity to thank our management & staff for their continuous hard work & dedication as we move into 2020 with confidence.”
In January, ABK-Egypt’s progress and efforts were recognized by International Finance Magazine for the third year. ABK-Egypt was named ‘Fastest Growing Bank in Egypt’, in recognition of its strong commercial performance and its multiple efforts to make banking more accessible and straightforward.
In addition to its extensive and growing bank network, ABK-Egypt offers a range of digital services, such as online, mobile and phone banking, along with a broad suite of corporate, retail and SME banking products and services.