Ihab El Sewerky leads ADCB-Egypt to a record growth in its main indicators

Abu Dhabi Commercial Bank - Egypt has experienced significant growth since entering the Egyptian banking market in August 2020, following the acquisition of UNB by the group, reflecting the success and efficiency of its strategy in achieving significant growth in record time, led by Ihab El Sewerky, the bank's CEO and Managing Director.

This was revealed by a new monitoring conducted by First Bank to monitor the development of ADCB indicators since entering the Egyptian market, where it was able to boost its assets, reaching EGP 107.8 bn by the end of March 2024, compared to EGP 29.6 bn by the end of 2019, with a growth of 264.3% and an increase of EGP 78.2 bn.

The Bank's customer deposit portfolio rose from EGP 25.6 bn by the end of 2019, to EGP 93.5 bn by the end of Q1 of this year, with a growth of 265.4% and an increase of EGP 67.9 bn.

The strong increases in the Bank's customer deposit portfolio are due to the significant growth in its portfolio of corporate and microenterprise deposits, which jumped by 318.6% during the period under analysis, to EGP 76.4 bn by the end of March, compared to EGP 18.3 bn by the end of 2019, with an increase of EGP 58.2 bn.

The Bank's retail deposits portfolio also rose from EGP 7.3 bn by the end of 2019, to EGP 17 bn by the end of Q1 of 2024, with a growth of 132.7% and an increase of EGP 9.7 bn.

Led by El Sewerky, the bank has significantly enhanced its customer loans to increase the Bank's total customer loans by 223%, registering EGP 43.1 bn by the end of March 2024, compared to EGP 13.3 bn by the end of 2019, with an increase of EGP 29.8 bn, thanks to its expansion in retail banking and achieving pioneering in digital banking services and products, which the ADCB Group is characterized by at the regional level

The Bank's retail loans jumped by 85.3%, with an increase of EGP 4.3 bn during the period under analysis, reaching EGP 9.4 bn by the end of Q1 of this year, compared to EGP 5.1 bn by the end of 2019.

The Bank's corporate loans portfolio rose from EGP 13.3 bn by the end of 2019, to EGP 33.7 bn by the end of March 2024, with a growth of 152.9% and an increase of EGP 20.4 bn. El Sewerky is keen to comply with the supervisory instructions issued by the Central Bank of Egypt regarding the issued and paid up capital of the Bank. The administration successfully increased it to about EGP 5.25 bn by the end of Q1 of 2024, compared to EGP 1.47 bn by the end of 2019, with growth of 256%, with an estimated increase of EGP 3.8 bn, exceeding the Central Bank of Egypt's EGP 5 bn limit.

He pays great attention to digital transformation, which is evident in the Bank's keenness to implement new digital solutions to drive digital transformation and commitment to continuous development to provide services that rise to global levels. As part of this, he launched opening account service through the mobile app, which allows on the one hand to further spread and increase the market share of the bank and on the other hand to increase financial inclusion through the creation of an easy digital method for different categories.

He also worked on increasing cash deposit machines, mobile banking, and effective dialogue on the website based on the use of the latest technology and the most innovative and secure ways to facilitate all banking transactions for customers.

He also launched first AI-powered fraud detection solution to drive the Bank's immediate control capabilities to prevent fraud on various banking services.

Ihab El Sewerky’s efforts resulted in record growth in the net profit of ADCB-Egypt, rising to EGP 2 bn in 2023, compared to EGP 429.3 mn in 2019, with a growth of 376.87% and an increase of EGP 1.6 bn.

As for its net profits during the current year, it continued its record growth, jumping by 160.6%, to EGP 909.7 mn in Q1 of 2024, compared to EGP 349.1 mn during the same period of 2023, with an increase of EGP 560.6 mn.

The experience of El Sewerky with ADCB-Egypt has won many different international rewards as it has been honored with a large number of awards since entering the Egyptian banking market, most notably 3 prestigious awards from International Business Magazine, " Best Internet Banking Egypt 2023," " Best New Bank Egypt 2023" and "Most Innovative Digital Bank Egypt 2023”. It also received the Best New Bank Award from Global Business Outlook and International Business in 2021, and in recognition of the financial performance indicators and sustainable growth achieved by the Bank, Global Business Outlook announced that the Bank would be awarded the "fastest growing bank" award, as well as the "fastest growing bank in retail banking" and the "fastest growing bank in corporate loans" in 2022.   It also won four awards: "Best Digital Banking Provider" from Global Business Outlook, "Best Internet Banking" and "Most Innovative Digital Bank" from International Business for its Digital Services Innovation, and" Most Innovative New Digital Bank" from International Finance 2022.

In addition, Abu Dhabi Commercial Bank - Egypt  achieves the following awards at the Middle East & Africa Retail Banking Innovation Awards 2023: "Best Financial Inclusion Initiative", "Credit Card of the Year - Egypt", "Best New Wealth Management Product of the Year", and "Highly Acclaimed: Excellence in Digital Innovation".