AUB Performance under Hala Sadeq’s leadership: Strong net profit growth, slight declines in market shares

Ahli United Bank - Egypt has achieved mixed performance during Hala Sadek's leadership since she assumed executive leadership in September 2020 until the Bank's most recent financial statements in December 2023.

While the Bank indicators experienced average growth in the main financial portfolios, resulting in slight declines in market shares, but it achieved strong growth in its profitability indicators, and its capital was greatly increased.

In a new monitoring conducted by First Bank to measure the development of the Bank's most important indicators since Sadeq assumed executive leadership, it revealed that the Bank's asset volume rose to EGP 113.2 bn by the end of 2023, compared to EGP 56.2 bn by the end of 2020, with a growth of 101.5%, and an increase of EGP 57 bn.

Ahli United Bank's total loans rose by 113% during the period under analysis, reaching EGP 67.2 bn by the end of 2023, compared to EGP 31.5 bn by the end of 2020, with an increase of EGP 35.6 bn.

The Bank's deposit portfolio jumped from EGP 46.6 bn by the end of 2020, to EGP 90.1 bn by the end of 2023, with a growth of 93.4% and an increase of EGP 43.5 bn.

This rise is attributable to the growth of the Bank's corporate deposits by EGP 34 bn during the period under analysis, recording EGP 71.6 bn by the end of 2023, compared to EGP 37.6 bn by the end of 2020, with growth of EGP 90.4%.

The bank's retail deposits rose from EGP 8.9 bn by the end of 2020, to EGP 18.4 bn by the end of 2023, with a growth rate of 105.8% and an increase of EGP 9.5 bn. Since assuming her leadership, Ahli United Bank's capital has jumped by 133.3% in 3 years, reaching EGP 7 bn by the end of 2023, up from EGP 3 bn by the end of 2020, with an increase of EGP 4 bn.

The growth in the Bank's portfolio was not enough to increase its market shares, which witnessed slight collective declines as its share in the asset market falling to 0.73% of total banking sector assets by the end of September 2023, compared to 0.80% by the end of 2020.

Its share in the loans market also fell marginally to 1.27% of total banking sector loans by the end of September 2023, compared to 1.28% by the end of 2020.

The Bank’s share in the deposit market also fell to 0.86% of total banking sector deposits by the end of September 2023, compared to 0.90% by the end of 2020.

On the other hand, Ahli United Bank - Egypt, recorded strong growth in its net profits, jumping to EGP 3.3 bn in 2023, compared to EGP 1.2 bn in 2020, with a growth of 179.2% and an increase of EGP 2.1 bn.

Net interest income rose by 144.3% over 3 years, reaching EGP 5 bn in 2023, compared to EGP 2 bn in 2020, with an estimated increase of EGP 3 bn.

Net fees and commissions income rose to EGP 888.2 mn in 2023, compared to EGP 292.6 mn in 2020, with a growth of 203.5% and an increase of EGP 595.6 mn.