Al Ahli Bank of Kuwait - Egypt (ABK-Egypt) announced its financial results for the fiscal year ended 31 December 2017.
ABK-Egypt recorded a net profit of EGP 332 million in 2017, while operating profit stood at EGP 511 million compared to EGP 167 million in 2016. Customer deposits increased to EGP 17.6 billion compared to EGP 12.3 billion in 2016, a 43 per cent increase and gross customer loans grew by 52 per cent compared to 2016 to reach EGP 11 billion.
Reflecting on the results, Mr. 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.”