Egypt: Al Ahli Bank of Kuwait – Egypt (ABK-Egypt), one of Egypt’s fastest growing banks, has reported solid results for the Financial Year Ended 2020. Net Profit increased by 27 percent year-on-year to reach EGP 666 Million, while Net Interest Income grew 30 percent to reach EGP 1.86 Billion.
Net Operating Profit grew 34 percent year-on-year to EGP 1.37 Billion and Total Assets were at EGP 41.23 Billion at the end of 2020, an increase of 16 percent compared to 2019. Customer Loans stood at EGP 21.71 Billion, a growth of 12 percent year-on-year, and Customer Deposits increased by 19 percent year-on-year to reach EGP 33.55 Billion.
Mr. Ali Ebrahim Marafi, Chairman of ABK-Egypt, said: “We are extremely happy with these strong results, notwithstanding the COVID-19 pandemic that created significant disruption to individuals, communities and businesses around the world. Throughout 2020, the Bank remained resilient and focused under extremely challenging circumstances.
“I would like to thank the Central Bank of Egypt and the Government authorities for their guidance during this pandemic. I also thank our Board of Directors, Shareholders and clients for their ongoing support and loyalty. Last but not least, I thank our Executive Management and all our employees for their hard work and dedication throughout the year.”
“In line with our ‘Simpler Banking’ strategy, ABK-Egypt was the first bank to implement an Electronic Know-Your-Customer (e-KYC) solution, which resulted in a 37 percent increase in new customers availing ABK-Egypt’s Mobile Wallet. Furthermore, during the year the Bank also launched the QR Code Payments via its Mobile Wallet, as well as ABK’s Xtra Loyalty Reward Program on ABK-Egypt Cards.”
“In closing, Mr. El Salawy said: “I would like to take this opportunity to thank our Chairman and Board of Directors for their guidance and support. I also thank each and every employee for their hard work and dedication, and our customers for their loyalty and ongoing support.”
The Bank continued to invest heavily in human capital during 2020, with a comprehensive set of programs focused on developing team capabilities, enhancing employee engagement levels and building loyalty. These initiatives remain key to empowering employees with the skill sets and knowledge necessary to sustain the growth trajectory of the bank. Over the course of 2020, the bank launched ABK-Egypt Corporate Academy and hired 18 graduates of class 2020, who were carefully chosen from over 250 university graduates. The bank also launched the first virtual summer training program, and enrolled more than 140 university graduates. ABK-Egypt will remain committed to developing Egyptian youth and supporting them with opportunities that fulfil their career aspirations.
ABK-Egypt strongly believes in the importance of social responsibility and continues to support the communities in which it operates. With an innate understanding of the crucial role donations play in overcoming challenges that face the Egyptian society, the Bank supported a number of organizations to help those impacted by current circumstances due to the pandemic, in addition to providing medical devices and supplies to public hospitals operating with limited resources.
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.