Hala Sadek boosts profits for Ahli United Bank and portfolios continue to grow in 2023

Ahli United Bank of Egypt has shown significant progress in the past 2 years, particularly in terms of profitability, since Hala Sadek took over the executive leadership in 2020.

A report by First Bank monitoring the bank's key indicators since her appointment revealed a 69.21% increase in United Bank's net profits, reaching EGP 2.01 bn in 2022, compared to EGP1.19 bn in 2020, with an increase of EGP821.06 mn.

The bank's net profits during the current year surged by 143.26%, totaling EGP2.18 bn in the first half of 2023, compared to EGP 898.21 mn during the same period in 2022, an increase of EGP1.29 bn. This placed the bank fifth on First Bank's list of fastest-growing banks in net profits during the first half of this year.

Return on average equity rose to 20.49% in 2022, up from 15.08% in 2020, and increased to 19.09% in the first half of 2023, making it the seventh most efficient Egyptian bank in investing shareholders' funds (Return on Average Equity) during the first half of this year.

The return on average assets increased from 2.30% in 2020 to 2.68% in 2022, and then to 2.27% in the first half of 2023, ranking fourth on First Bank's list of best banks in achieving return on average assets during the first half of the current year.

In terms of the bank's main indicators, Ahli United Bank's assets increased by EGP51.14 bn, reaching EGP107.3 bn by the end of the first half of 2023, compared to EGP56.17 bn at the end of 2020, with a growth rate of 91.05%.

The bank's customer deposit portfolio increased by about 81.06%, reaching EGP 84.34 bn by the end of the second quarter of 2023, compared to EGP46.58 bn at the end of 2020, an increase of EGP37.76 bn.

This increase is primarily attributed to the growth of individual customer deposits from EGP8.9 bn at the end of 2020 to EGP 16.53 bn at the end of the second quarter of 2023, a growth rate of 84.75%, and an increase of EGP7.58 bn.

As for deposits of Ahli United Bank for corporates, they increased to EGP 67.81 bn by the end of the first half of the current year, compared to EGP 37.63 bn at the end of 2020, with a growth rate of 80.18% and an increase of EGP 30.17 bn.

The bank strengthened its financing, with total loans to customers and banks jumping by about 94.47%, reaching EGP61.27 bn by the end of the second quarter of 2023, compared to EGP31.50 bn at the end of 2020, with an increase of EGP29.76 bn.

This was mainly due to its increased financing for institutions, which rose from EGP28.67 bn at the end of 2020 to EGP58 bn by the end of the first half of 2023, with a growth rate of 102.28% and an increase of EGP29.32 bn.

In terms of financing for individuals, Ahli United Bank experienced weak growth, increasing by only 15.43% to reach EGP3.26 bn by the end of June 2023, compared to EGP2.83 bn at the end of 2020, an increase of EGP 436.9 mn. This aspect requires reconsideration for the bank.

The performance of Ahli United Bank Egypt has been admired by numerous international institutions. It received several awards, most notably the Bank of the Year in Egypt for 2022 from The Banker Foundation, in recognition of the bank's efforts to enhance the quality of services it provides and achieve growth rates in business and financial results over the past years. It also acknowledges its leading and outstanding role in the highly competitive Egyptian banking market.