ABK-Egypt net profits register EGP 251m in H1 2018

Hossam Mounir
2 Min Read

The Al Ahli bank of Kuwait-Egypt (ABK-Egypt) realized profits of EGP 251m at the end of the first half (H1) of 2018, according to the bank’s financial results released on Sunday.

According to these indicators, customers’ deposits with the bank recorded a remarkable growth rate of 25% in the H1 of 2018 compared to the end of 2017 reaching EGP 22bn.

Loans and customer facilities also increased by 20% from the end of 2017, reaching EGP 14bn. Total assets increased by 25% to EGP 26bn, which reflects the bank’s facilities granted to major projects, as well as small and medium enterprises, along with supporting the retail activity via a range of products that met customers’ demand through a network branch covering Egypt.

According to Khaled El Salawy, the bank’s CEO and managing director, the financial results reflect the bank’s procedures and facilities, which con- tributed to increasing its market share.

He pointed out that the interna- tional economic and banking reports predicted a promising future for the Egyptian economy, which reflected

positively on the investment climate in the country.

El Salawy added that these results are the result of a series of measures and facilities undertaken by the bank, based on a strategy aimed at increasing the efficiency of responding to the needs of current and future customers, through finding competitive solutions and intro- ducing new customer segments in the banking sector in line with the policy of the state and the Central Bank of Egypt in spreading banking awareness and im- proving financial inclusion.

This year, ABK-Egypt received several prestigious awards, including “Fastest Growing Bank in Egypt” by the Internal Finance Magazine, in recognition of its outstanding perfomance over the past year.

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