ABK-Egypt records solid net profit of EGP 616m for 9 months of 2021

ABK-Egypt records solid net profit of EGP 616m for 9 months of 2021

KUWAIT: Al-Ahli Bank of Kuwait – Egypt (ABK-Egypt) reported solid results for the nine months ended 30 September 2021. The bank’s net operating profit stood at EGP 1.2 billion, reflecting a 21 percent increase compared to the same period in 2020. Total assets grew by 27 percent to reach EGP 52.4 billion. Net interest income grew by 14 percent to reach EGP 1.6 billion compared to the same period last year. The bank’s total customer deposits saw a sharp increase of 35 percent, reaching EGP 45.3 billion compared to EGP 33.6 billion for the year ended 2020.

The total loans portfolio grew by 10 percent for the first nine months compared to December 2020, to reach EGP 23.9 billion. The bank’s profit before tax stood at EGP 944 million and net profit at the end of the third quarter increased by 14 percent over the corresponding period in 2020 to reach EGP 616 million. Commenting on the results, Ali Ibrahim Marafi, Chairman of ABK-Egypt said: “The results of the third quarter underpins our commitment to creating sustainable growth, building robust relationships with our clients, and delivering shareholder value.

The economic outlook has improved, although we are still witnessing global economic challenges. This