Total assets stand at EGP 28 billion, a growth of 34%
KUWAIT: ABK-Egypt yesterday announced the bank’s financial performance for the first nine months of 2018. The Bank recorded EGP 1 billion in net operating profit, leading to a 75 percent increase in net profit after tax versus same period in 2017 to reach 419 million. Total assets stood at EGP 28 billion, recording a growth of 34 percent from December 31, 2017, and customer deposits increased to EGP 24 billion, reflecting a 38 percent increase over a 9-month period. The total portfolio of customer loans and facilities increased by 35 percent, to reach EGP 15 billion.
Ali Ibrahim Marafi, Chairman of ABK-Egypt said: “ABK-Egypt has witnessed continued growth across all financial indicators. We are pleased with the consistent ability of all parts of our business to generate good returns within the Bank’s risk appetite. This year we have increased our branch network to a total of 40 branches across Egypt, with more branches opening in the near future, in line with the plan originally set out to reposition and open branches in strategic locations. Egypt remains a key market for ABK- Group, and these results reinforce our confidence in our capability to deliver attractive returns to shareholders over time.”
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. 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.”
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.