The independent financial statements of Ahli United Bank – Egypt showed that it achieved net profits of EGP 2.184bn during the first half (1H) of 2023, compared to EGP 898.214m during 1H 2022, a growth of 143%.
The bank’s profits before taxes also increased to EGP 2.72bn in June 2023, compared to EGP 1.122bn in June 2022, with a growth rate of 142.4%.
The bank witnessed a remarkable growth in its operating revenues, as net income from returns jumped by 77.7% during the first half of 2023 to record EGP 2.248bn, compared to EGP 1.265bn during the first half of 2022, while net income from fees and commissions amounted to EGP 462.953m compared to EGP 204.247m.
According to a bank statement, its total assets increased by 25.5% to EGP 107.315bn in June 2023, compared to EGP 85.492bn in December 2022, while maintaining the quality of assets in light of the bank’s conservative policy, and the bank’s total equity increased to EGP 12.364bn compared to EGP 10.522bn.
The bank succeeded in launching a number of various financing and savings products, which contributed to the growth of the bank’s customer base, bringing net loans and facilities to customers and banks to about EGP 57.164bn in June 2023, compared to EGP 48.368bn in December 2022, a growth of 18.2%. Deposits also increased to EGP 84.335bn compared to EGP 69.798bn, a growth of 20.8%.
The bank’s retail banking portfolio rose to EGP 3.268bn in June 2023, compared to EGP 3.104bn in December 2022, and the personal loan portfolio amounted to EGP 2.43bn in June 2023.
Total corporate loans recorded about EGP 57.998bn in June 2023, compared to EGP 50.390bn in December 2022, and the total joint loans jumped to EGP 9.028bn compared to EGP 6.571bn.
Hala Sadek, CEO and board member of Ahli United Bank – Egypt, confirmed that achieving strong business results during the first half of this year reflects the success of the bank’s strategy and continued growth steadily despite regional and local economic challenges and high inflation rates, noting that the boom in the bank’s business results were achieved as a result of the growth in operating revenues in light of the diversification of banking services and products provided to customers, which was evident in the growth in the size of the loan and deposit portfolios.
She indicated that the bank aims to remain a major supporter of the country’s development plans, and to play its leading role in providing financing and advisory solutions to clients, from large, medium and small companies in various economic sectors, to enable them to implement many strategic projects.
Sadek emphasized that the bank is always keen to continue its expansion plans in the Egyptian market, by offering more banking products and services that keep pace with the latest technological solutions, to meet the diverse needs of customers, as well as provide the best level of banking services.
Ahli United Bank won the Bank of the Year Award in Egypt for the year 2022 from The Banker International Corporation, as a tribute to the efforts made by the bank to develop the quality of the services it provides, and to achieve growth rates and business results during the past years, and for its pioneering and distinguished role in the banking market. Egypt, which enjoys a highly competitive climate in the field of banking services in general.
