Amr El Shafei, 20-month story achieved Emirates NBD – Egypt’s significant performance

Since assuming the role of Chief Executive Officer of Emirates NBD Egypt in February 2023, Amr El Shafei has led the bank towards many achievements that have contributed to strengthening its position in the Egyptian banking sector.

With a clear vision and deep banking experience, over the 20 months since taking over the Bank's leadership, El Shafei has been able to transform the Bank into one of the leading emerging banks operating in the Egyptian market, through several key factors, including: "Expansion of the banking market", "Digital transformation and banking development", and "Enhancing innovation in products and services" as well as a boom in the Bank's key indicators since taking over

Since taking over the Bank's leadership, El Shafei has developed expansion strategies aimed at reaching more customers across Egypt. These strategies included increasing the number of Bank branches to 67 spread across the country's governorates to facilitate access to banking services for a greater number of individuals and corporates, this expansion is part of the Bank's endeavour to strengthen its presence in the Egyptian market and meet the diverse needs of customers.

Amr El Shafei's tenure also saw an upsurge in digital transformation within Emirates NBD, injecting more investment into the development of the Bank's digital platforms. Mobile apps and online banking have been improved, making the banking experience more accessible and fast for customers, especially in light of the global trend towards fintech.

Under the leadership of Amr El Shafei, the Bank has succeeded in providing a range of innovative products and services that meet the needs of different customers. Dedicated financing solutions have been introduced to support SMEs, which has helped these companies grow and expand, while the Bank has expanded the scope of finance and investment products, enhancing the diversity of its services and attracting more customers.

In terms of financial indicators, Emirates NBD has achieved record growth rates in its key indicators since Amr El Shafi took the lead, with the bank's net profit jumping by 174%, to EGP 3.23 bn in 2023, compared to EGP 1.18 bn in 2022.

During the current year, the Bank's net profit increased by 33% and an increase of EGP 639 mn, registering EGP 2.58 bn in the first half of 2024, compared to 1.94 bn in the first half of 2023.

The Bank was able to inject more funding to its customers, after its total loan portfolio increased during the Shafei era by 54%, registering EGP 71.46 bn by the end of June 2024, compared to 46.40 bn by the end of December 2022, an increase of EGP 25.05 bn, while the total portfolio increased by 19% during the first half of the year.

The bank's total assets jumped by 42% and an increase of about EGP 42.32 bn from December 2022 to June 2024, bringing the portfolio size to EGP 143.26 bn, compared to 100.94 bn by the end of December 2022, while the portfolio grew by 12% during the first half of the year.

The volume of the Bank's deposit portfolio increased by 30%, bringing an increase of EGP 25.53 bn during the period under analysis, to EGP 110.75 bn by the end of June 2024, compared to 85.22 bn by the end of December 2022, while the size of the portfolio increased by 8% during the first half of the year.

In conclusion, the focus on diversifying banking products and improving the quality of services provided has played a major role in this success, with El Shafei continuing to lead the Bank towards further growth despite the country's economic challenges.

El Shafei also has a prominent role to play in strengthening Emirates NBD's commitment to the principles of sustainability and community responsibility. The Bank has launched several initiatives aimed at supporting education, preserving the environment and empowering young people. Through these initiatives, the Bank seeks to contribute to the development of the Egyptian community as well as its role in the provision of banking services.