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  • 19-05-20

    ABK Egypt posts 22 percent expansion in 2020 first quarter profits

    (MENAFN)


    Al Ahli Bank of Kuwait - Egypt (ABK-Egypt) said that it saw an expansion of 22 percent in its net profits in the starting quarter of the current year compared to a year earlier to set at USD8.84 million.

    The net operating profits of the bank came in at USD19.96 in the period from January to March, marking an expansion of 50 percent from the USD13.39 million reported in the earlier year, a statement by the bank said on Monday.

    The gross customer deposits and loans of the bank posted an increase of 2 percent compared to a year earlier to reach a total of USD1.81 billion and USD1.26 billion in the quarter respectively.

    ABK-Egypt and managing director, Khaled El Salawy, said that "ABK-Egypt has achieved a robust start to 2020, and continues to grow on all key parameters" in spite of the negative economic effects resulting due to the outbreak of coronavirus in the country.

    MENAFN1905202000450000ID1100185455

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