Amr El-Shafei leads Emirates NBD to the fastest growth rates in the last decade
First Bank
Amr El-Shafei, CEO and Managing Director of Emirates NBD Bank - Egypt, was able to achieve a good performance with the bank, especially in terms of profitability indicators, which witnessed strong growth, despite less than a year since he took over the executive leadership of the bank in February 2023.
El-Shafei has more than 30 years of banking experience, during which he moved between various regional and international financial and banking institutions, and achieved many achievements.
Amr El-Shafei was able to expand the volume of Emirates NBD's business during the first 9 months of 2023, as a result of which, the bank's asset portfolio jumped from EGP100.9 bn at the end of 2022, to EGP129.4 bn at the end of last September, with a growth rate of 28.17%, and an increase of EGP28.4 bn, thus achieving the fastest quarterly growth since the bank started its operations in Egypt.
He also worked to increase the bank's financing and credit facilities to customers, so that the total portfolio rose to EGP54.7 bn at the end of the third quarter of 2023, compared to EGP46.4 bn at the end of 2022, with a growth rate of 17.8%, and an increase of about EGP8.3 bn, thus recording the highest quarterly increase value since Emirates NBD entered the Egyptian market.
This came mainly from increasing its financing for institutions, which jumped by about 20.58%, to record EGP40.89 bn at the end of September 2023, compared to EGP33.9 bn at the end of 2022, with an increase of EGP6.98bn.
He also boosted the bank's retail banking financing from EGP12.5 bn at the end of last year, to EGP13.8 bn at the end of the third quarter of 2023, with a growth rate of 10.23%, and an increase of EGP 1.28 bn.
He also enhanced the bank's financial investments, until they jumped by about 32.72%, to reach EGP37.42 bn at the end of September 2023, compared to EGP28.2 bn at the end of 2022, an increase of EGP9.22 bn
He also worked to gain the trust of more depositors, which is evidenced by the rise in the customer deposits portfolio from EGP85.22 bn at the end of 2022, to EGP110.7 bn at the end of the third quarter of 2023, with a growth rate of 29.89%, and an increase of EGP25.48 bn.
This increase is due to the increase in corporate deposits by about 40.76%, to reach EGP82.02 bn at the end of the third quarter of 2023, after they were EGP58.27 bn at the end of 2022, an increase of EGP23.75 bn.
As for retail deposits, they increased by EGP1.73 bn, to reach EGP28.67 bn at the end of September 2023, compared to EGP26.95 bn at the end of 2022, with a growth rate of 6.40%
He also enhanced Equity of Emirates NBD, to rise by about 25.14%, recording EGP10.65 bn at the end of last September, compared to EGP8.51 bn at the end of 2022, an increase of EGP 2.14 bn.
This strong performance of Emirates NBD Bank - Egypt, under the leadership of Amr El-Shafei, pushed it towards achieving strong profitability indicators, as the bank's net profits jumped by about 200%, to record EGP2.55 bn during the first 9 months of 2023, compared to EGP 852.59 mn during the same period of 2022, an increase of EGP1.69 bn, thus achieving the fastest quarterly growth since entering the Egyptian banking market
This contributed to achieving a big leap in the profitability of the share, as it rose to EGP50.93 per share during the first 9 months of 2023, compared to EGP17.05 per share during the same period of 2022, achieving a growth rate of 198.71%, and an increase of EGP33.88 per share
The bank also succeeded in creating a major transformation in the return on average assets (the bank's efficiency indicator in investing its assets), as it rose from 0.97% during the first 9 months of 2022, to 2.21% during the same period of 2023
He also jumped by the return on average equity (the bank's efficiency indicator in investing the owners' money) to 26.58% during the first 9 months of 2023, compared to 10.53% during the same period of 2022
The bank achieved a record increase in net income fees and commissions income, as it jumped by about 132%, to record EGP826 mn during the first nine months of 2023, compared to EGP 356 mn during the same period of 2022
Net interest income rose to EGP5.1 bn during the first 9 months of 2023, compared to EGP 3.1 bn during the same period of 2022, with a growth rate of 68%, and an increase of about EGP2.1 bn.
This outstanding performance achieved by Emirates NBD Bank - Egypt under the leadership of Amr El-Shafei is a positive indicator of the bank's performance during the coming period if its growth continues.
