With significant financial and operational results, Ahmed Galal pushes EBank to the top

Ahmed Galal, Chairman of the Board of Directors of Export Development Bank of Egypt (EBank), has been able to lead the Bank towards strong financial and operational results that reflect the success of his strategy aimed at enhancing the Bank's market position in addition to improving the customer experience and facilitating their daily transactions effectively and efficiently, although only one and a half years have passed since his official assumption.

Based on this, the following analysis reviews the development of the Bank's key financial indicators since Ahmed Galal assumed executive leadership in December 2022, and until the Bank's most recent financial statements available in March.

Ahmed Galal managed to strengthen the financial position of EBank, jumping the bank's assets portfolio by EGP 43.8 bn, reaching EGP 140.5 bn by the end of March 2024, compared to EGP 96.7 bn by the end of 2022, with growth of 45.24%.

Galal was also able to significantly boost depositors' confidence, as evidenced by the Bank's portfolio of deposits rising by EGP 35.1 bn, and with a growth of 48.13%, recording EGP 107.9 bn by the end of the first quarter of this year, compared to EGP 72.9 bn by the end of 2022.

This increase is due to a rise in corporate deposits to EGP 90.6 bn by the end of March 2024, compared to EGP 59.7 bn by the end of 2022, with a growth of 51.81% and an increase of EGP 30.9 bn.

As for retail deposits, they rose by 31.47%, reaching EGP 17.3 bn by the end of the first quarter of this year, compared to EGP 13.2 bn by the end of 2022.

In addition, Ahmed Galal managed to achieve outstanding results in the size of the Bank's loan portfolio, which is reflected in the rise in the Bank’s total customer loans to EGP 63.4 bn by the end of March, up from EGP 44.8 bn by the end of 2022, with a growth of 41.4% and an increase of EGP 18.6 bn.

This is as a result of the increase in corporate loans, which rose from EGP 40.3 bn by the end of first quarter of 2024 to EGP 54.5 bn by the end of 2022, with growth of 35.39% and an increase of EGP 14.3 bn.

It also succeeded in raising EBank's retail loans to EGP 8.8 bn by the end of March 2024, compared to EGP 4.5 bn by the end of 2022, with a growth of 94.8% and an increase of EGP 4.3 bn.

He was also able to maintain the Bank's ability to control credit risks resulting from both the loan portfolio, facilities and debt instruments, as the ratio of non-performing loans to total loans fell to 2.38% by the end of March 2024, compared to 3.59% by the end of December 2022.

While the ratio of loans and facilities rated in the top two internal valuation scores rose to 96.63% by the end of March 2024, compared to 95.32% by the end of December 2022, and the proportion of loans and facilities with no arrears and no decay rose to 96.64% by the end of March, compared to 95 .74% by the end of December 2022.

In terms of profitability, Ahmed Galal managed to jump the bank's net profits by 154%, registering EGP 3.1 bn in 2023, compared to EGP 1.3 bn in 2022, with an increase of EGP 1.9 bn.

As for the bank's net profit during the year, it jumped by 106%, registering EGP 1.03 bn in the first quarter of 2024, compared to 501.8 mn in the first quarter of 2023, with an increase of EGP 529.4 mn.

Ahmed Galal's experience with EBank has received many different international praises. He has been crowned with a number of awards, notably the ISO 27001:22 certificate, which reflects his interest in digital transformation and cyber security challenges.

The Bank also won the awards: 'Best Bank for Cash Management - Egypt', "Outstanding Securities Services Solution" and "Best Payments Platform Initiative" from The Digital Banker.

The Bank's positive future performance is expected to continue, armed with achievements over the past period, and a marked increase in financial performance indicators over the next period with a boom in market shares.

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