Egypt Reports 62% Increase in Net Profit For 2018Source: www.export-egypt.com 2/6/2019, Location: Africa |
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Building on its strong performance since entering the Egyptian market, Al-Ahli Bank of Kuwait-Egypt (ABK-Egypt) reported earlier this week a significant increase of 62 percent in net profit for 2018, reaching EGP 537 million for the financial year 2018.
ABK-Egypt’s operating profit for 2018 was EGP 735 million, a 44 percent increase compared to EGP 511 million in 2017. The bank’s customer deposits increased by 36 percent to reach EGP 24 billion, compared to EGP 17.6 billion in 2017, while gross customer loans grew 45 percent in 2018 to reach EGP 16 billion. Asset quality remained strong with non-performing loan ratio reaching 2.8 percent with a coverage of 78.76 percent, while capital adequacy ratio was robust at 14.66 percent. Commenting on these results, Ali Marafi, chairman of ABK-Egypt, said that 2018 has proved to be a successful year for ABK-Egypt reflected in achieving a record net profit. "ABK-Egypt has made important strategic strides and we have continued our geographic expansion within the Egyptian market," he said. "In addition to our improved financial performance, ABK-Egypt was recognised as the fastest growing bank and most innovative bank in Egypt earlier this year. Our capital base remains robust, and we look forward to further accelerating our growth in Egypt," Marafi added. CEO and managing director Khaled El-Salawy said, "we have aligned our services and touch points in line with customer preferences through innovative tools that make the banking experience more accessible, easier and convenient. Going forward, we aim to set new milestones, which will play an important role in strengthening our relationship with the country’s Fintech community." "We will continue to focus on growing our market share and footprint in the country, develop our human capital within the bank and further enhance our competitive advantage across all sectors,” he added. ABK-Egypt has established two specialised hubs for trade finance services covering east Cairo and Alexandria, with plans to add a central Cairo hub in 2019 to cater to the needs of its corporate customers. The bank aims to expand its regional footprint to reach 57 branches by the end of 2021, which will offer modern and simplified retail services to individuals. This will be supported by advanced customer service offerings such as high-speed customer response, e-services, and innovative upgrades on ATM machines that will continue to grow in number across the country. |
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