EBank expands under Ahmed Galal as profitability strengthens

Export Development Bank of Egypt (EBank) has undergone a marked transformation since Ahmed Galal took the helm as chief executive officer and managing director on 13 December 2022, combining accelerated growth with stronger asset quality and a more competitive position in Egypt’s banking sector.

According to the bank’s standalone financial statements, total assets rose 130.9 per cent to EGP 223.45 billion at end-June 2026 from EGP 96.76 billion at end-2022, an increase of EGP 126.7 billion.

The sharp expansion in assets was underpinned by a more diversified funding structure and a shift in the relative contribution of the bank’s main funding sources.

The bank reduced its relative reliance on customer deposits to fund assets, with their share of total assets declining to 71.88 per cent at end-June 2026 from 75.3 per cent at end-2022. Despite the lower share, customer deposits remained the bank’s largest funding source and grew 120.5 per cent over the period to EGP 160.62 billion from EGP 72.85 billion.

Amounts due to banks, meanwhile, became a more significant source of funding, with their share of total assets rising to 13.91 per cent at end-June 2026 from 7.06 per cent at end-2022. Balances due to banks increased 354.7 per cent over the period to EGP 31.08 billion from EGP 6.83 billion.

Shareholders’ equity also increased its contribution to the funding structure, accounting for 12.04 per cent of total assets at end-June 2026, up from 10.01 per cent at end-2022. Equity rose 177.7 per cent over the period to EGP 26.90 billion, further strengthening the bank’s funding base.

The change in EBank’s funding structure reflects a strategic shift towards greater diversification and a more flexible financial position, supporting the bank’s capacity to sustain growth while reducing its relative dependence on a single funding source.

But the strategy cannot be judged on asset growth and funding diversification alone. The key question is whether that expansion has translated into sustainable returns.

Profitability offers a clearer measure of how effectively EBank has turned expansion into earnings. Return on average assets (ROAA) rose to 3.09 per cent in 2025 from 1.42 per cent in 2022, before reaching 3.49 per cent in H1 2026, pointing to a marked improvement in the bank’s ability to generate returns from its asset base.

Return on average equity ( ROAE) also climbed to 28.1 per cent in 2025 from 15.03 per cent in 2022, while reaching 29.44 per cent in H1 2026, reflecting stronger returns generated for shareholders.

Net profit increased by about 389 per cent over the past three years to EGP 6.01 billion in 2025 from EGP 1.23 billion in 2022.

EBank’s performance under Galal points to a broader transformation than balance-sheet expansion alone. The bank has improved the way it deploys its resources, strengthened profitability and generated higher returns on shareholders’ equity.

Over the past three and a half years, that strategy has translated rapid growth in assets and key portfolios into sustained profit growth, while creating a more diversified and flexible funding base. This leaves EBank better positioned to strengthen its competitive standing and support further expansion in Egypt’s banking sector.