الرئيسية / ENGLISH / ABK-Egypt Reports 22 Per Cent Increase in Net Profit for First Quarter of 2020

ABK-Egypt Reports 22 Per Cent Increase in Net Profit for First Quarter of 2020

 

Maintaining its positive growth trajectory through challenging times with the current
COVID-19 pandemic,Al Ahli Bank of Kuwait – Egypt (ABK-Egypt), one of Egypt’s fastest
growing banks, reported robust results for the first quarter of 2020. Net Profit for the
period ended March 31, 2020 reached EGP140 Million, a substantial increaseof22 per cent
over the same period last year.NetOperating Profit for the period reached EGP 316 Million a
50 per cent increase compared to EGP 212Million in the corresponding period of last
year.The Bank’s gross customer deposits and loans grew by 2 per cent compared to the
previous year to reach EGP 28.7 Billion and EGP 19.9 Billion respectively.
Mr Khaled El Salawy, CEO & Managing Director of ABK-Egypt, said: “ABK-Egypt has
achieved a robust start to 2020, and continues to grow on all key parameters. Despite the
unprecedented global market disruption, we have remained true to our strengths, focusing
on core operations, placing our customers first, nurturing a culture of transparency,
concentrating on prudent and profitable lending and providing world-class standards of corporate governance and risk management practices.The results are a validation of our
growth strategy, and has put us in a position to withstand the current market stress. We have invested significantly in technology implementation over the past year, and have
reinforced digitization as a strategic pillar for continued growth, in alignment with national initiatives. I would like to take this opportunity to thank the Central Bank of Egypt for their
guidance during this trying period, and our management and staff for their continuous hard work and dedication as weforge ahead with confidence.”
The Bank recently launched a unique range of innovative products and services including a
personal loan specially tailored for doctors. The benefits include a loan amount up to EGP
500,000 with competitive interest rates, flexible loan repayment period of 60 months andoptional life insurance for the loan amount.
ABK-Egypt was recently named ‘Fastest Growing Bank in Egypt’,by International Finance Magazine, in recognition of its strong commercial performance and its multiple efforts to makebanking more accessible and straightforward.
cairo ict

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