Mohamed Aly leads ADIB Egypt to record growth, continuing its rapid expansion

The success story of Mohamed Aly, CEO of Abu Dhabi Islamic Bank, who took the helm in November 2017, is considered one of the most prominent banking experiences that has proven its worth.

Aly has succeeded in leading the bank towards achieving record growth rates, making it one of the fastest-growing banks in the Egyptian banking market.

This can be attributed to Mohamed Aly's extensive international experience, exceeding 35 years in the field of financial services and banking. He previously held senior leadership positions in several banks in the Middle East and North Africa region.

First Bank monitors Mohamed Aly's journey of success with ADIB Egypt since assuming the executive leadership.

Since assuming the executive leadership, Mohamed Aly has worked on significantly expanding the bank's business volume and strengthening its financial position.

This is evident in the substantial growth witnessed by the asset portfolio, which has more than tripled to reach EGP 125.70 bn by the end of the first quarter of 2023, compared to EGP 33.23 bn at the end of 2016, with a growth rate of 278.29% and an increase of EGP 92.47 bn.

He has also expanded the bank's financing to clients, especially Corporates, which have seen tremendous growth. Financing for Corporates has increased more than fourfold, reaching EGP 48.82 bn by the end of March 2023, compared to EGP 11.88 bn at the end of 2016, with a growth rate of 310.98% and an increase of EGP 36.94 bn.

He also did not overlook the importance of the retail banking market and gave it significant attention, as reflected in the growth of financing for individuals. It increased from EGP 6.9 bn at the end of 2016 to EGP 14.63 bn by the end of the first quarter of 2023, with a growth rate of 112.20% and an increase of EGP 7.74 bn.

This had a positive impact on the overall bank's financing for clients, which more than tripled to reach EGP 63.46 bn by the end of March 2023, compared to EGP 18.78 bn at the end of 2016, with a growth rate of 237.97% and an increase of EGP 44.68 bn.

It is worth mentioning that a previous report prepared by First Bank revealed that the bank holds the largest market share in the financing sector among Islamic banks.

Mohamed Aly succeeded in attracting new segments of clients to the bank, as evident from the record leap achieved by the deposit portfolio, which increased by 298.25% to reach EGP 101.61 bn by the end of the first quarter of the current year, compared to EGP 25.51 bn at the end of 2016, with an increase of EGP 76.1 bn.

During the period from the end of 2016 until March 2023, the bank was more attractive to corporates, as evidenced by the significant growth in Corporate deposit portfolio, It jumped by 483.21% to reach EGP 50.899 bn by the end of the first quarter of the current year, compared to EGP 8.73 bn at the end of 2016, with an increase of EGP 42.17 bn.

As individuals' confidence in Abu Dhabi Islamic Bank increased, its portfolio of Retail deposits grew from EGP 16.79 bn at the end of 2016 to EGP 50.71 bn at the end of March 2023, with a growth rate of 202.09% and an increase of EGP 33.92 bn.

The bank also succeeded in doubling its paid-up capital since assuming leadership, reaching EGP 4 bn by the end of March 2023, compared to EGP 2 bn at the end of 2016, with a growth rate of 100% and an increase of EGP 2 bn. It is worth mentioning that it is planned to increase its capital again during the current year.

The Securities Listing Committee at the Egyptian Stock Exchange approved the listing of additional capital shares for the bank, with a cash increase of EGP 1 bn, distributed over 100 million shares with a par value of 10 piasters per share.

Mohamed Aly also sought to enhance the bank's investments in subsidiary and sister companies, which jumped by 304.74%, reaching EGP 242.78 mn at the end of the first quarter of 2023, compared to EGP 59.98 mn at the end of 2016, with an increase of EGP 182.8 mn.

The strong performance of Abu Dhabi Islamic Bank under the leadership of Mohamed Ali led to achieving strong profitability levels, with the bank's net profit jumping by 435.40%, recording EGP 2.13 bn in 2022, compared to EGP 397.04 mn in 2016, with an increase of EGP 1.73 bn.

As for the bank's net profit during the current year, it continued to achieve strong growth, increasing by 126.60% to reach EGP 1.01 bn in the first quarter of 2023, compared to EGP 444.3 mn in the same period of 2022, with an increase of EGP 562.49 mn.

It is worth noting that all figures mentioned in the analysis are based on consolidated financial statements of Abu Dhabi Islamic Bank - Egypt.