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Al Ahli Bank of Kuwait - Egypt reaches the EGP 1 Billion mark for Net Operating Profit 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 1 Bn in net operating profit, leading to a 75% increase in net profit after tax versus same period in 2017 to reach 419 Mn, highlighting ABK-Egypt’s efforts to expand its innovative solutions for customers.  Total assets also stood at EGP 28 Bn, recording a growth of 34% from December 31, 2017, and customer deposits increased to EGP 24 Bn, reflecting a 38% increase over a 9-month period. The total portfolio of customer loans and facilities increased by 35%, to reach EGP 15 Bn 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 for ABK-Egypt growth. We are inherently dedicated to delivering an advanced customer experience by consistently developing and upgrading our product offering, 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, maximize profitability and maintain our favourable asset quality and business performance ratios.”

In line with the Bank’s growth strategy, ABK-Egypt successfully expanded its technological infrastructure and geographical presence, and today has a total of 40 branches in key districts across Egypt. The Bank serves a diverse range of corporate customers - including small, medium and large-size companies - through its corporate banking and SME solutions. Additionally, the Bank offers simplified retail services to individuals, supported by up-to-date customer service practices, such as online and mobile banking services, and a recently upgraded advanced ATM network.