In a short while... Ahmed Galal leads EBank to top fastest growing Banks Lists in Egypt

Ahmed Galal, Chairman of the Board of Directors of the Egyptian Export Development Bank of Egypt (EBank), has managed to achieve a strong performance since officially assuming the position in December 2022, succeeding the late Mervat Sultan.

This is evident from the EBank indicators, which have witnessed exceptional growth to enable the bank to climb strongly to the top of the fastest-growing lists even though not a year has passed since Dr. Ahmed Galal took the lead at the bank.

Galal managed to lead EBank towards record profits, showing an increase of 128.45% in the bank's net profits to EGP 2.2 bn in the first 9M of 2023, compared to EGP 943.7 mn in the same period of 2022, with an increase of EGP 1.2 bn.

This contributed to a significant rise in earnings per share, rising to EGP 3.45 per share during the first 9M of 2023, compared to EGP 2.38 per share during the same period in 2022, achieving a growth rate of 44.96% and an increase of EGP 1.07 per share.

The Bank also succeeded in making a significant shift in the return on average assets (the Bank's efficiency in investing its assets), rising to 2.08% in the first 9M of 2023, compared to 1.16% in the first 9M of 2022. It also jumped the rate of return on average equity to 20.24% during the first 9M of 2023, compared to 11.87% during the same period of 2022.

Net interest income jumped by 82.4% to record EGP 3.8 bn during the first 9M of 2023, compared to EGP 2.1 bn during the same period in 2022, with an increase of EGP 1.7 bn.

Net fees and commissions income from rose to EGP 1.1 bn during the first 9M of 2023, compared to EGP 335.4 mn during the same period in 2022, with a growth of 219.5% and an increase of EGP 736.2 mn.

Galal was able to expand EBank's business volume during the first 9M of 2023, to jump the bank's asset portfolio from EGP 96.8 bn by the end of 2022, to EGP 110.2 bn by the end of Q3 of last year, with growth of 14%, and an increase of EGP 13.4 bn.

He increased the Bank's granting loans and credit facilities to customers, bringing the total portfolio to EGP 54.1 bn by Q3 of 2023, compared to EGP 44.8 bn by the end of 2022, with a growth of 20.67% and an increase of EGP 9.3 bn. This comes mainly from an increase in corporate loans, which rose from EGP 40.3 bn by the end of 2022, to EGP 47.2 bn by the end of the third quarter of 2023, with growth of 17.25% and an increase of EGP 6.9 bn.

He also managed to raise the bank's retail loans, which was shown by a 51.1% rise in the retail loan portfolio during the first 9M of last year, to EGP 6.9 bn by the end of September 2023, up from EGP 4.5 bn by the end of 2022, with an increase of EGP 2.3 bn.

Despite significant increases in its portfolio of customer loans, EBANK succeeded in reducing its distress  rate to a record level of 2.30% by the end of September 2023, compared to 3.59% by the end of 2022, reflecting the bank's efficiency in identifying risks and granting loans to the right customers.

He also worked to earn more depositors' trust, pursuing a policy aimed at examining the different current and potential customer needs. As a result, the deposit portfolio rose to EGP 86.2 bn by the third quarter of 2023, compared to EGP 72.9 bn by the end of 2022, with growth of 18.29% and an increase of EGP 13.3 bn. This increase was due to an increase in corporate deposits of 18.70% during the first 9M of last year, reaching EGP 70.8 bn by the end of September 2023, compared to EGP 59.7 bn by the end of 2022, with an increase of EGP 11.2 bn.

As for retail deposits, it rose by EGP 2.2 bn, moving from EGP 13.2 bn by the end of 2022, to EGP 15.4 bn by the end of the third quarter of 2023, a growth of 16.4%.

The significant growth in EBank indicators under the leadership of Ahmed Galal contributed to the bank's ability to top many of the fastest growing lists in the First Bank rankings during the period under analysis.

The most prominent ratings that enabled the Bank to clinch first place in the third quarter of 2023 were the list of the fastest-growing listed banks in total customer loans during the first 9M of last year, and the list of the fastest-growing listed banks in net fees and commissions income during the same period.

The Bank was also able to top the First Bank list of the fastest growing banks in credit cards in the first 9M of 2023, and also lead EBank to top the First Bank list of fastest growing banks in mortgage loans during the same period.

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