KUWAIT: Al-Ahli Bank of Kuwait - Egypt (ABK-Egypt) reported solid results for the nine months ended 30 September 2021. The bank's net operating profit stood at EGP 1.2 billion, reflecting a 21 percent increase compared to the same period in 2020. Total assets grew by 27 percent to reach EGP 52.4 billion. Net interest income grew by 14 percent to reach EGP 1.6 billion compared to the same period last year. The bank's total customer deposits saw a sharp increase of 35 percent, reaching EGP 45.3 billion compared to EGP 33.6 billion for the year ended 2020.
The total loans portfolio grew by 10 percent for the first nine months compared to December 2020, to reach EGP 23.9 billion. The bank's profit before tax stood at EGP 944 million and net profit at the end of the third quarter increased by 14 percent over the corresponding period in 2020 to reach EGP 616 million. Commenting on the results, Ali Ibrahim Marafi, Chairman of ABK-Egypt said: "The results of the third quarter underpins our commitment to creating sustainable growth, building robust relationships with our clients, and delivering shareholder value.
The economic outlook has improved, although we are still witnessing global economic challenges. This quarter, we have maintained momentum with a strong balance sheet and steady operating performance. As we progress further on our 'Simplify, Transform & Grow' journey, we continue to strengthen our digital capabilities, invest in our people and become more agile, equipping us to offer customers innovative banking solutions and best in class service. I would like to thank our executive management team and all our employees for their hard work and dedication throughout the year. With their efforts, we have been able to outpace market growth, and we look forward to continuing on this successful path together."
Further commenting on the results, Khaled El Salawy, CEO & Managing Director of ABK-Egypt said: "The positive results achieved by the Bank during the third quarter of the year reinforces our commitment towards managing the interests of our stakeholders including, customers, employees, and shareholders during this challenging global climate. The bank's notable results, in addition to the increase across all financial indicators, demonstrates the success of our prudent growth strategy, which has enabled us to effectively navigate the fluctuating market conditions and strengthen the bank's position in the Egyptian banking sector."
In closing, El Salawy added: "The agility and flexibility of the team is one of the pivotal pillars that drives ABK-Egypt's success. Our ABK-Egypt employees work tirelessly to ensure our strategy's success, and they work hard to support all consumer business segments through the rapid launch of new products and services to meet customers' growing needs. I would like to thank each one of them for their relentless efforts and sense of responsibility throughout the year. Additionally, I would like to thank the Central Bank of Egypt for their continuous support and guidance to the banking sector."
ABK-Egypt remains committed to supporting financial inclusion and continues to work alongside the Central Bank of Egypt (CBE) to lead impactful initiatives that build awareness on financial literacy and empower unbanked segments with the essential knowledge needed to adopt banking services. Under these initiatives, customers open accounts with no admin fees along with free debit card issuance. An important pillar of the Bank's strategy is to support SMEs in line with the national direction, through offering a strong proposition that best enables this high impact segment to grow and drive economic prosperity.