ABK Egypt's profit grows 22% in Q1-20

The bank’s gross customer deposits and loans rose by 2% YoY

Cairo – Mubasher: Al Ahli Bank of Kuwait - Egypt (ABK-Egypt) reported a 22% year-on-year (YoY) growth in its net profits to EGP 140 million during the first quarter of 2020.

The lender’s net operating profit amounted to EGP 316 million in the January-March period, a 50% increase from EGP 212 million in the year-ago period, according to a statement on Monday.

The bank’s gross customer deposits and loans rose by 2% YoY to EGP 28.7 billion and EGP 19.9 billion in Q1-20, respectively.

Despite the ecnonomic disruption caused by the coronavirus (COVID-19) outbreak, “ABK-Egypt has achieved a robust start to 2020, and continues to grow on all key parameters,” CEO and managing director of ABK-Egypt, Khaled El Salawy, said.

Source: Mubasher

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