Al Ahli Bank Of Kuwait – Egypt Records EGP 3.2 Billion Net Profit In The First Quarter Of 2024

Al Ahli Bank of Kuwait – Egypt (ABK-Egypt) recorded breakthrough financial results for the first quarter of 2024, achieving a significant increase in Net Profit by 189%, which stood at EGP 3.2 billion compared to EGP 1.1 billion over the same period in 2023. Net Interest Income increased by 71% to reach EGP 1.4 billion by the end of March 2024 compared to EGP 841 million over the same period in 2023, while Net Fees and Commissions income grew by 165% to reach EGP 477 million compared to EGP 180 million over the same period last year.

In continuation of the Bank’s outstanding performance and strong financial position maintained over the years, Total Assets grew by 18% to reach EGP 115 billion compared to EGP 97.6 billion in December 2023. Total Customers Deposits increased by 15% to reach EGP 95.9 billion compared to EGP 83.1 billion at the end of 2023 and Total Gross Loans Portfolio increased by 22% to reach EGP 60.4 billion compared to EGP 49.5 billion at the end of 2023, in addition, the Non-Performing Loans (NPL) ratio recorded 1.65% at the end of March 2024.