Total assets increase by 40% year-on-year in 2017

Ali Marafi

KUWAIT: Building on its strong performance since entering the Egyptian Market, Al-Ahli Bank of Kuwait - Egypt (ABK-Egypt) yesterday announced its financial results for the fiscal year ended 31 December 2017. ABK-Egypt recorded a net profit of 332 million Egyptian pounds in 2017, while Operating Profit stood at 511 million Egyptian pounds compared to 167 million Egyptian pounds in 2016. Customer deposits increased to 17.6 billion Egyptian pounds compared to 12.3 billion Egyptian pounds in 2016, a 43 percent increase and gross customer loans grew by 52 percent compared to 2016 to reach 11 billion Egyptian pounds.

Reflecting on the results, Ali Marafi, Chairman of ABK-Egypt said: "We are very proud of where we stand today and with the numbers we have achieved. We have an excellent management team and strong leadership in place. ABK is committed to its clients, and we will continue to provide a 'simpler banking' experience, excellent client service and superior products, while heavily investing in technology. As we move forward in 2018, we look forward to continuing this solid performance."

Khaled El-Salawy, CEO & Managing Director of ABK-Egypt said: "This unprecedented performance is the result of an ambitious strategy put in place since day one, with a focus on expanding our operations in the Egyptian market and maximizing our market share. Our strategy allowed us to enhance our business model, invest in customer service and information technology to improve the overall customer experience, and hence achieve growth on all financial indicators across Retail, Corporate and SMEs."

This year, ABK-Egypt's commitment to its vision of Reimagining a 'Simpler Bank', was reinforced with a number of new products and services including the launch of the ABK Wallet in cooperation with MasterCard, offering a competitive solution that meets customers' growing needs and allows a larger segment of society to avail the Bank's services, in line with the Central Bank of Egypt's financial inclusion initiative. The electronic wallet enables customers to pay their bills as well as transfer and receive money through their mobiles, which ensures greater efficiency and utmost convenience.

During 2017, ABK-Egypt won several reputable awards attributed to the Bank's outstanding performance throughout the year. ABK-Egypt was recognized as the "Best New Brand in Egypt" by The Banker Middle East, "Best New Bank in Egypt" by The European Magazine and "The fastest Growing Bank in Egypt" by International Finance Magazine.