Al Ahli Bank of Kuwait – Egypt sponsors the 14th edition of the Kuwaiti Business week in Egypt to enhance the cooperation between the two countriesكتبه Ramdan
Cairo, November 2023: In line with all efforts to support the Egyptian-Kuwaiti relations, Al Ahli Bank of Kuwait - Egypt (ABK-Egypt) sponsored the Kuwaiti Week in Egypt in its 14th edition. It was held under the auspices of Egyptian Prime Minister Dr. Mostafa Madbouly and the Kuwaiti embassy in Cairo and organized by Jabriya Exhibition Group in the presence of Ministers Mr. Ahmed Samir Minister of Trade and Industry, Mr. Hassan Shehata Minister of Labor and Mrs. Soha Gendy Minister of Emigration and Egyptian Expatriates Affairs along with elite businessmen, banks & Kuwaiti companies operating in Egypt who have honored us with their presence at ABK – Egypt booth during the event.
Al Ahli Bank of Kuwait - Egypt is keen on taking part in this significant event which is considered a major bridge of economic cooperation between the two countries, where Egypt and Kuwait enjoy longstanding strategic relations based on mutual understanding and consensus of vision on various regional and international initiatives.
The exhibition hosted many representatives from Kuwaiti public and private institutions, investment companies, as well as representatives from both the Egyptian and Kuwaiti business communities and representatives of ministries, authorities, and companies working in various business sectors in both countries.
The Business Kuwaiti week promotes bilateral cooperation of both governments in reaching the full potential of their respective markets to serve both their citizens.
It is worth mentioning that ABK-Egypt has achieved remarkable growth & strong financial performance in the nine-month period ended in September 2023. The Bank recorded Net Profit reached EGP 2.32 billion in the end of September 2023, an 84% increase compared to EGP 1.26 billion over the same period last year, while Net Interest Income reached EGP 2.86 billion, reflecting a 45.9% increase compared to EGP 1.96 billion in September 2022, demonstrating the Bank’s ability to record steady growth despite challenging market conditions. Net Operating Profit increased by 73% to reach EGP 2.71 billion compared to 1.57 billion, and Profit Before Tax recorded EGP 2.96 billion compared to 1.7 billion in September 2022.
The announced results reflect a healthy financial position with Total Assets standing at EGP 90.4 billion, recording a 19.6% year-to-date growth compared to EGP 75.6 billion in December 2022, Customer Deposits recorded an 11.5% increase to reach EGP 73.78 billion compared to EGP 66.15 billion, and Total Gross Loans Portfolio grew by 28.6% to reach EGP 45.8 billion compared to EGP 35.61 billion in 2022.
من أحدث Ramdan
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