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ABK Egypt financials' summary H1-18


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ABK Egypt Financials' summary Jun 2018

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ABK Egypt financials' summary H1-18

  1. 1. Page | 1 / 1 ABK financial analysis H1-2018 November 18, 2018 Financial analysis – AL AHLI BANK OF KUWAIT (ABK) H1 2018 Moderate performance, with an increased cost of funds, and issues in asset quality. Assets o Total assets grew by +5 Bn EGP (+25%) reaching 26 Bn EGP, growth derived by the increases investments in TBs +2.5 Bn EGP (+130%) reaching 4.5 Bn EGP (17% of TA), followed by the high growth in customer loans that grew by +2.9 Bn EGP (+27%) reaching 14 Bn EGP (52% of TA). o The Corporate loans grew by +1.9 Bn EGP (+25%) reaching 7.8 Bn EGP, derived by corporate direct loans that grew by +1.4 Bn EGP (+67%) reaching 3.5 Bn EGP, the corporate debit current accounts represents 47% of TL reaching 3.8 Bn EGP. o The individual loans grew by +886 Mn EGP (+27%) reaching 4 Bn EGP derived by the high growth of personal loans +879 Mn EGP (+29%) reaching 4 Bn EGP. o Reallocating 126 Mn EGP of AFS investments to HTM. o Improving asset quality by WRITING OFF NPLs for both individuals 15 Mn EGP (mainly in personal loans) and corporate 86 Mn EGP (mainly in direct corporate loans). Liabilities o Customer deposits grew by +4 Bn EGp (+25%) reaching 22 Bn EGP, derived by high growth in corporate deposits +3 Bn EGP (+28%) reaching 13 Bn EGP (61% of TD). o The demand/ TD & Call accounts derived the growth in deposits that led to cost of deposits increase by +393 Mn EGP (+77%) reaching 901 Mn EGP Income statement o NII increased by +120 Mn EGP (+25%) reaching 480 Mn EGP, derived by the improved interest income from loans portfolio that increased by +405 Mn EGP (+69%) reaching 996 Mn EGP. In addition to the increase in interest income from treasury bills/ bonds by +68 Mn EGP (+54%) reaching 193 Mn EGP. o Benefit from Impairment recovery amount of 43 Mn EGP mainly from corporate direct loans. Source: Published financial statements. 1.0% 9.1% 9.57 84.9% 46.5% 29.8% 35.4% 62.3% [Liquid A./T.A.] [Liquid A./Deposits] [Loans / Deposits] ROAA ROAE Avg.T.A./ Avg Eqiuity G&A/ Profit before Tax N.Fees&Comm Inc/G&A