Under Amr El Shafei’s leadership, Emirates NBD records the fastest growth rates since entering the Egyptian market

Emirates NBD-Egypt indicators have witnessed strong growth over the past year, specifically during Amr El Shafei’s leadership as CEO and Managing Director, since he assumed executive leadership in February 2023, and until the bank's most recent financial statements last December, especially related to profitability levels.

This was revealed by a monitoring conducted by First Bank to monitor the development of Emirates NBD-Egypt indicators since El Shafei took over executive leadership. The bank's net profits jumped to EGP 3.24 bn in 2023, compared to EGP 1.2 bn in 2022, with a growth rate of 174% on an annual basis.

Thanks to this record growth, the bank has achieved the highest annual growth rate in profits since the start of its business in Egypt, and has also pushed it to top the list of the fastest growing banks in net profits over the past year. You can see the full list here.

Net interest income rose by 69% to EGP 7.3 bn in 2023, compared to EGP 4.3 bn in 2022, an increase of EGP 3 bn.

Net fees and commissions income rose by 110% over the past year, reaching EGP 1.1 bn in 2023, compared to EGP 534.1 mn in 2022.

This contributed to a significant jump in share’s profitability, rising to EGP 59.05 per share in 2023, compared to EGP 21.88 per share in 2022, bringing a growth rate of 170% and an increase of EGP 37.17 per share. The Bank also succeeded in bringing about a significant turnaround in return on average assets (the Bank's efficiency in investing its assets), rising from 1.29% in 2022 to 2.82% in 2023.

It also jumped the rate of return on average equity to 32.17% in 2023, compared to 14.27% in 2022.

At the level of the main portfolios of the Bank, it has also recorded strong growth since the takeover of Amr El Shafei, with the bank's asset portfolio jumping by 27% over the past year, to EGP 128.1 bn by the end of December 2023, compared to EGP 100.9 bn by the end of December 2022, registering the largest annual increase of the bank since its entry into the Egyptian market.

The customer deposit portfolio rose by 20%, to EGP 102.7 bn by the end of December 2023, compared to EGP 85.2 bn by the end of December 2022, with an estimated increase of EGP 17.5 bn, reflecting customers' confidence in the products and services offered by the Bank that correspond to the expectations of depositors.

Its total customer loans jumped by EGP 13.7 bn, which is the highest annual increase since it entered the Egyptian market, bringing the total portfolio to EGP 60.1 bn by the end of 2023, compared to EGP 46.4 bn by the end of 2022, due to the increase of the loans of two sectors; Corporate, Retail Banking.

The Bank's corporate loans jumped by 36% over the past year, reaching EGP 46 bn by the end of 2023, compared to EGP 33.9 bn by the end of 2022.

Retail banking loans increased by 12.8% in 2023, reaching EGP 14.1 bn by the end of last year, compared to EGP 12.5 bn by the end of 2022.

Shafei’s experience has been praised by many international institutions as the Bank won a number of awards, most recently, “The Most Innovative Global Markets and Treasury Service Provider” award from International Finance Magazine and the “Leading Global Markets Banking Services” award from Cosmopolitan the Daily Magazine.