QNB Al Ahli: Remarkable Financial Growth Under Mohamed Bedier's Leadership

Over the past 2 years, under the leadership of CEO Mohamed Bedier, Qatar National Bank Al Ahli has witnessed several developments in its financial indicators. Were these developments positive or negative? Was the bank able to maintain its strong performance in the Egyptian banking market?

According to a report by First Bank analyzing the bank's key indicators since Bedier assumed the executive role in September 2021, Qatar National Bank Al Ahli's net profits have grown by approximately 109.32%, reaching EGP11.92 bn in the first 9 months of 2023, compared to EGP5.69 bn during the same period in 2021, an increase of EGP6.23 bn.

The bank's earnings per share rose to EGP4.97 per share in the first 9 months of 2023, compared to EGP 2.39 per share during the same period in 2021, showing a growth rate of 107.95% and an increase of EGP2.58 per share.

Furthermore, Qatar National Bank Al Ahli's asset portfolio increased by EGP253 bn, reaching EGP584.04 bn by the end of the third quarter of 2023, compared to EGP 331.04 bn by the end of September 2021, with a growth rate of 76.43%.

The bank's customer deposits surged by approximately 80.79%, reaching EGP498.34 bn by the end of last September, compared to EGP275.65 bn by the end of the third quarter of 2021, an increase of EGP222.7 bn.

This increase is attributed to the growth in the bank's deposits from corporates, rising from EGP152.74 bn in September 2021 to EGP327.87 bn in September 2023, a growth rate of 114.66% and an increase of EGP175.13 bn.

In terms of retail customer deposits, Qatar National Bank Al Ahli increased to EGP170.47 bn by the end of the third quarter of 2023, compared to EGP 122.90 bn by the end of September 2021, a growth rate of 38.70% and an increase of EGP47.57 bn.

The bank also strengthened its customer financing, with its total customer loans increasing by approximately 44.44%, totaling EGP259.76 bn by the end of September 2023, compared to EGP179.84 bn by the end of September 2021, with an increase of about EGP 79.92 bn.

The bank's loans to corporates during Bedier's tenure increased by about 44.37%, reaching EGP208.59 bn by the end of the third quarter of 2023, compared to EGP144.48 bn by the end of the third quarter of 2021, an increase of EGP64.11 bn.

It's worth mentioning that despite the significant growth in Qatar National Bank Al Ahli's customer loans, there has been a noticeable increase in the delinquency rate among its customers.

The non-performing loans ratio rose to 5.33% by the end of September 2023, compared to 3.70% by the end of September 2021. This indicates that despite the bank's expansion in granting loans, it has not accurately assessed the level of risks and the specific conditions for granting credit to customers.