ABK Kuwait-Egypt reports strong results for first quarter of 2025
KUWAIT: Al Ahli Bank of Kuwait – Egypt (ABK-Egypt), reported strong Q1 2025 financial results with Net Profit standing at EGP 1.3 billion, reflecting an increase of 42.3 percent for March 31, 2025 compared to same period last year after excluding foreign exchange revaluation impact. Net Interest Income grew 26.2 percent to reach EGP 1.8 billion compared to EGP 1.4 billion in the same period of the last year.
Despite the challenging economic landscape, the Bank managed to further expand its total footings with Total Assets recording a 10.2 percent increase in the end of the Q1 2025 to reach EGP 156 billion compared to EGP 141.6 billion in December 2024. Customer Deposits grew by 12 percent to reach EGP 134.1 billion compared to EGP 119.9 billion in December 2024. Furthermore, the Bank's Total Gross Loans Portfolio grew by 15.8 percent to reach EGP 80.2 billion compared to EGP 69.3 billion in December 2024. Non-Performing Loans (NPL) ratio recorded 2.04 percent at the end of March 2025 compared to 1.74 percent at the end of December 2024.
Commenting on the results, Ali Marafi, Chairman of ABK-Egypt stated, 'Over the course of our operational journey that is close to ten years in the Egyptian market, the Bank succeeded in achieving robust growth rates across all financial indicators and managed to demonstrate its strong presence, whilst carefully adhering to all risk management practices to best navigate challenging market conditions and ensure achieving its sustainable success and expansion goals.'
Marafi also confirmed that ABK-Egypt has always been keen on prioritizing corporate social responsibility as an integral part of its well-articulated strategy. Since it started operating in Egypt, the Bank has proactively played a leading role in supporting the communities in which it operates through various social initiatives that support the development of the education and healthcare sectors in addition to providing financial relief to the underprivileged. The Bank has also made various contributions to help integrate individuals with disabilities and improve the lives of children, women and families in need.
Marafi noted that ABK-Egypt will continue to support development plans in Egypt in cooperation with the relevant authorities. He added that the Bank remains committed to providing the necessary financing to assist individual and corporate clients in carrying out their operations and expanding their activities. This thereby strengthens trust in the Bank as a preferred banking partner in the Egyptian banking sector.
Marafi added that ABK-Egypt enjoys the trust of numerous international organizations and institutions, as reflected by the many awards it has received, which affirm its ability to meet the needs of all customers and keep pace with developments in the banking industry. This, in turn, helps the Bank strengthen its competitive position within the banking sector. He expressed his gratitude to the Central Bank of Egypt and the Egyptian government for their continued support of the Bank and the banking sector as a whole, affirming the Bank's full commitment to contributing to the success of future plans aimed at enhancing economic activity and achieving Egypt Vision 2030 across various sectors.
Stability and flexibility
In the same context, Khaled El Salawy, Chief Executive Officer & Managing Director of ABK-Egypt, affirmed that these results reflect ABK-Egypt's underlying strength and its emphasis on achieving steady, profitable growth. It also underscores the resilience of the Bank's financial position, the agility of its operational frameworks, and the strength of its risk management practices. Adding that the Bank will continue to focus on its digital transformation agenda as one of the chief drivers of sustainable growth. He also expressed his gratitude for the combined efforts of the entire team and their commitment to delivering very strong results through diversifying revenue streams, which led to achieving EGP 1.7 billion Profit Before Tax excluding foreign exchange revaluation impact.
El Salawy further elaborated, 'As we continue working on our plans towards fortifying ABK-Egypt's position in the Egyptian market and playing an active role in supporting the Egyptian economy, our vision will remain focused on providing experiences that simplify and enrich people's lives through our range of innovative and secure banking solutions that serve all customer segments. Moreover, we maintain a positive outlook regarding market conditions and will continue to support all endeavors led by the Egyptian government and the Central Bank of Egypt that pave the way for a brighter future.'
El Salawy additionally stated that, in line with the Bank's ambitious growth strategy and plans to expand its geographical presence to best cater for its growing customer base in Egypt, ABK-Egypt recently opened its new branch located in Palm Hills, 6th of October. This recent opening brings the Bank's network to 46 branches covering 18 governorates across the country. Furthermore, the Bank will continue to prioritize the enhancement of its suite of offerings and upgrading its service quality to ensure a distinguished banking experience across all channels and to maximize value for its customers.
International Certification
It is worth mentioning that ABK-Egypt recently obtained the Payment Card Industry Data Security Standard (PCI DSS) certification V4.0.1, a globally recognized benchmark that guarantees the highest standards in payment cards data protection. The Bank was certified after successfully passing a full audit process and a comprehensive review on Bank's systems and technical procedures related to electronic payment cards data processing.
Obtaining this certification reflects the Bank's full commitment to the regulations and directives of the Central Bank of Egypt and will further strengthen its ongoing efforts to implement global best practices in information security and the protection of customer data from threats or breaches. The PCI DSS certification marks an important milestone in the Bank's journey to solidify its credibility in the Egyptian banking market and support its strategy aimed at developing digital services while ensuring the highest levels of security in banking transactions - offering customers a safe and reliable experience.
This achievement is the result of effective collaboration across various divisions within the bank, as well as the presence of highly qualified personnel with the technical expertise and skills required to implement advanced security solutions. Previously, ABK-Egypt had also obtained the ISO/IEC 27001:2013 certification in Information Security Management Systems, making it one of the few Egyptian banks to earn this international accreditation. This stands as further proof of its excellence in applying security governance standards and ensuring data confidentiality and professional handling.
Our vision will remain focused on providing experiences that simplify and enrich people's lives through our range of innovative and secure banking solutions that serve all customer segments.
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