ShareKUWAIT: Al-Ahli Bank of Kuwait - Egypt (ABK-Egypt) delivered record financial results for the fiscal year ended December 31, 2024, underscoring its robust business growth and expanding customer base. The Bank achieved a 137 percent increase in net profit in 2024, reaching EGP 6.6 billion, compared to EGP 2.8 billion in 2023. Net interest income reached EGP 6.5 billion compared to EGP 4.1 billion in 2023, reflecting an increase of 59 percent, while net income from fees & commissions surged by 24 percent to reach EGP 1.5 billion compared to EGP 1.2 billion at the end of 2023. Profit before tax recorded EGP 8 billion, a growth rate of 112 percent compared to EGP 3.8 billion in 2023, reflecting the Bank’s strong financial performance and strategic execution.
The Bank also strengthened its financial position, with total assets rising 45 percent to reach EGP 141.6 billion compared to EGP 97.6 billion in 2023. Total customer deposits increased by 44 percent to reach EGP 119.9 billion compared to EGP 83.1 billion in 2023, while the Bank’s gross loan portfolio expanded by 40 percent to EGP 69.3 billion compared to EGP 49.5 billion in 2023. Asset quality remained strong, with the non-performing loan (NPL) ratio standing at 1.74 percent as of December 2024.
Commenting on the results, Ali Marafi, Chairman of ABK-Egypt, expressed his gratitude for the Bank’s outstanding performance in 2024, stating, “The robust growth rates achieved across all financial indicators is attributed to the Bank’s prudent strategy and agile operating model that kept pace with the changes in the local and global economic landscapes. It is also a reflection of our relentless efforts to strengthen our position in the banking sector as well as our team’s ability to deliver value to customers and shareholders.”
Positive outlook
Marafi also commended the leading role played by the Central Bank of Egypt (CBE) and the Egyptian government and their ongoing efforts in supporting the banking sector, which were instrumental in navigating turbulent market conditions and withstanding economic challenges. He said, “Our future outlook remains very positive, and we will continue on our growth path setting additional focus on enhancing operational efficiency, achieving growth across all profitability mattresses. This is all while maintaining the quality of our credit portfolio, investing in our human capital, and elevating customer service to provide an exceptional banking experience to our customers. These set objectives will ensure that the Bank continues to achieve its ambitious goals and strengthen its market position. I would like to take this opportunity to extend my sincere gratitude to our Board of Directors, our shareholders, and our customers for their continued trust in our bank.”
Ambitious strategy and team
On his part, Khaled El Salawy, Managing Director & Chief Executive Officer of ABK-Egypt, commented on the exceptional results achieved by the Bank in 2024. He said, “These remarkable results were founded on an ambitious vision and an integrated business strategy that were both laid to achieve sustainable growth and fortify the Bank’s position in the Egyptian banking sector. The Bank was able to achieve record results despite a very challenging economic environment as we were keen on taking solid steps towards expanding our business through focusing on key sectors to grow our corporate banking arm, enhancing our portfolio of offerings, and raising our operational efficiency to ensure maintaining a competitive edge in the market. We also continued to support all CBE endeavors towards digital transformation by providing innovative banking solutions tailored to meet the rising needs of all customer segments.”
El Salawy attributed the results achieved in 2024 to the hard work and commitment of the executive management and the relentless efforts of all Bank employees. He emphasized, “Our stellar team possess exceptional capabilities, allowing us to adapt to changing market conditions and adjust our business plans to respond swiftly to market needs. This helped us seize opportunities, thus earning the confidence of our customers and partners and stressing the Bank’s ability to compete in the Egyptian banking sector.”
Further achievements
Over the course of 2024, ABK-Egypt remained focused on contributing to the growth of the national economy across all sectors. The Bank’s corporate banking and syndications arm played a pivotal role in affirming the Bank’s position as a lead player in the Egyptian market. The Bank was keen on expanding its business by focusing on key sectors and providing integrated services that supported the growth of these businesses. It also signed a number of cooperation protocols and alliances to grant credit facilities to large institutions from various sectors, which positively impacted ABK-Egypt’s corporate portfolio. In 2024, the bank’s corporate loans portfolio grew by EGP 15.87 billion compared to December 2023 to reach EGP 46.19 billion, showing a noteworthy growth rate of 52 percent. This was made possible by the skilled calibers who were able to meet the rising needs of corporate clients from across all sectors and help them cope with challenging economic conditions by extending professional advice and availing financing solutions that ensure these institutions grow their revenues, expand their businesses, and achieve their strategic goals.
On the retail banking side, individual deposits grew by 58 percent to reach EGP 33.9 billion and individual loans portfolio recorded a growth rate of 37 percent to reach EGP 22.9 billion. Meanwhile, the Bank’s credit card portfolio grew by 60 percent to reach EGP 862 million.
Digital banking services and alternative channels recorded remarkable performance over the course of the year with digital transactions showing an exceptional hike of over 80 percent compared to previous year. This reaffirmed ABK-Egypt’s commitment to providing secure and seamless banking services that simplify and enrich customers’ lives in line with the Bank’s digital transformation and financial inclusion strategies set to prioritize offering innovative banking solutions.
Financial inclusion and CSR
In line with ABK-Egypt’s commitment to supporting national goals of promoting financial inclusion and transforming into a cashless society, the Bank conducted a series of financial literacy seminars under the auspices of CBE targeting unbanked segments across all governorates. These efforts focused on raising financial awareness, encouraging saving, and promoting the benefits of financial services offered by the banking sector. ABK-Egypt understands the critical role of corporate social responsibility (CSR) in community development. The Bank launched various social initiatives across Egyptian governorates in partnership with specialized non-profit organizations. These initiatives aim to support to families in need through by improving access to healthcare, education, food, clothing, and shelter, and by assisting underprivileged segments, such as youth, women, and individuals with disabilities.
The Bank consistently aligns its CSR vision and agenda with Egypt’s Vision 2030. In 2024, ABK-Egypt actively participated in several humanitarian projects, including the recent presidential initiative, ‘A New Beginning for Human Building.’ This aims to enhance the capabilities of Egyptian citizens in various sectors of life and promote human development to enhance the lives of underprivileged families in Egypt.
