Ashraf El-Kady, CEO and Managing Director of United Bank, has outlined the bank’s strategic growth objectives, which are built on several key pillars. He told Daily News Egypt that at the heart of these objectives is a commitment to supporting the bank’s customer base through improved customer experiences, comprehensive product offerings in both Islamic and traditional banking, and strengthened relationships across important segments to maximise profitability. The bank also aims to continue introducing innovative products to meet evolving customer needs and aspirations.
El-Kady added that the bank will maintain its project financing efforts, with a strong focus on sustainable and green financing. It also intends to expand its activities to increase income streams and commissions, diversifying beyond a sole reliance on returns. Maintaining a diversified deposit and loan portfolio while ensuring the quality of the bank’s assets remains a priority.
A key pillar of the bank’s strategy, El-Kady pointed out, is leveraging digital channels and advanced infrastructure to increase outreach and efficiency. This includes simplifying banking processes for clients and improving their overall experience. The bank is also committed to dynamically and systematically deploying resources, operating within a robust governance framework that includes strong risk controls and clear guidelines.
Growth targets
El-Kady stated that the bank aims to achieve a pre-tax profit of EGP 4.265bn in 2025, a significant increase compared to the EGP 2.5bn recorded by the end of September 2024. The bank’s goals also include increasing net profit to EGP 3.071bn, raising total loans to EGP 35.6bn, increasing deposits to EGP 71bn, and growing equity beyond EGP 18bn.
Despite various challenges, the bank achieved positive results in 2024, El-Kady noted. As of 30 September, total loans and advances amounted to EGP 30bn, a 12% increase compared to the same period last year. Customer deposits rose by 13.3% to reach EGP 57bn, while the return on equity increased by 36 basis points to 22%.
Listing on EGX
Furthermore, El-Kady highlighted that 2024 culminated in the bank listing 30% of its shares on the Egyptian Exchange (EGX) in early December. This move aligns with the Central Bank of Egypt (CBE) and the government’s program to expand the capital base, encourage private sector partnerships, and attract both local and foreign investments into the financial market.
Diverse products
The bank offers a range of products, El-Kady emphasised, including personal car financing up to EGP 3m and a cash financing program offering up to EGP 2.5m with quick processing and a repayment period of up to seven years. The bank has also launched a new program to finance heavy-duty trucks, expanding its market share in commercial vehicle financing. This product has attracted a new customer segment seeking heavy-duty vehicles serving multiple economic sectors, offering competitive interest rates and a repayment term of up to five years with a down payment.
Solving the problem of troubled factories
El-Kady revealed the bank’s efforts to resolve issues with 20 distressed factories, helping them resume operations and production. The bank implemented innovative solutions to address the crisis, in line with Egypt’s and the CBE’s strategy. In 2024, the bank continued enhancing its methodology for financing small and medium-sized enterprises (SMEs) by offering specialised financial solutions, digital services, and technical consulting while ensuring sustained growth and profitability.
Nevertheless, the bank has also provided tailored financing solutions for the microfinance sector, particularly in agriculture and value chain development, creating significant job opportunities for youth and women in agricultural-related sectors such as packaging, transport, marketing, and food products.
Sharia-compliant products
In line with its strategic goals, El-Kady noted that the bank has launched a variety of Sharia-compliant products, which have been well-received. These include the Sharia-compliant three-year savings certificate offering up to 30% annual return, an Islamic Elite Savings Account, and a weekly Islamic deposit that pays interest weekly with multiple benefits for customers.
NilePreneurs initiative
El-Kady highlighted the bank’s participation in the “NilePreneurs” initiative, which includes two programs: Business Development Centres offering non-financial and advisory services to entrepreneurs and young business owners, and the Value Chain Development Program in textiles and furniture manufacturing.
He explained that over the past six years, the bank has provided exceptional support to entrepreneurs, offering more than 14,799 non-financial advisory services, benefiting over 4,318 entrepreneurs and companies. These services included idea development, feasibility study preparation, credit file management, obtaining licenses, and supporting companies’ digital transformation.
Support for small enterprises
Moreover, the bank provided full banking support and financing to 493 small business entrepreneurs across three Business Development Centres in Minya, Dakahlia, and Giza. Additionally, the bank has 68 branches across Egypt dedicated to serving entrepreneurs and small businesses, offering both financial and technical support, and helping them contribute to Egypt’s comprehensive development goals in line with the country’s Vision 2030.
Syndicated loans
El-Kady mentioned the bank’s participation in a syndicated loan to finance the Social Housing Fund and Real Estate Finance Support Fund, with a share of EGP 300m aimed at funding social housing projects for low and middle-income individuals. The bank is continuing its support for national and vital projects in 2025 and has seen exceptional growth in the mortgage sector, granting EGP 3bn worth of loans, with an 8% growth rate, benefiting around 14,500 clients nationwide.
Digital transformation
El-Kady discussed the activation of the bank’s real-time payment network on its electronic channels, including online and mobile banking, allowing customers to make instant payments 24/7. The bank has launched more than 20 mobile and online banking services, ensuring it meets both current and future customer needs. The bank is also enhancing its operations through automation and artificial intelligence applications, with around 75% of processes now automated to improve efficiency, streamline customer service, and promote environmentally friendly transactions.
Sustainable financing
Moreover, the bank has launched 26 initiatives and projects promoting green financing practices for individuals and businesses, alongside corporate social responsibility activities in health, education, and community development. It has also invested over EGP 2bn to prepare for relocating to its new headquarters in the New Administrative Capital, contributing to Egypt’s urban expansion and economic growth in line with Vision 2030.
Corporate social responsibility
El-Kady concluded by stating that the bank plays a significant role in corporate social responsibility, supporting sectors such as health and education, and organising various events that have a positive societal impact.
