Tamer Waheed, 18-month story brought back AAIB to its golden age!

Without Tamer Waheed’s pioneering success story since taking the executive leadership of the AAIB in May 2023, in the past 18 months Waheed has succeeded in leading the bank with record jumps that have qualified it as one of the fastest growing banks in Egypt over the past period, as well as leading the bank to reclaim its place in the top largest Five Banks list, and even succeeded in ranking fourth, over QNB.

Tamer Waheed’s strategy in the Bank's leadership strengthened its financial performance indicators, with the Bank achieving extraordinary net profit and asset volume growth rates, with qualitative leaps in portfolios and deposits, with the highest quarterly growth rates over the last five years.

Waheed has also led a comprehensive transformation within the Bank, bringing digital investment with human capacity building, which has positively reflected the Bank's financial and leadership performance and established its position as a key player in the banking sector.

In terms of financial indicators, Waheed managed to achieve a boom in the Bank's net profits in the first half of 2024, which rose by 128.1% to register the equivalent of EGP 7.49 bn, compared to 3.28 bn during the first half of 2023.

The bank's total assets jumped at a 133.2% growth rate with an increase of EGP 434.3 bn, bringing the portfolio size to the equivalent of EGP 760.4 bn by the end of June 2024, compared to 326.1 bn by the end of December 2022, while the portfolio achieved the highest quarterly growth rate in the last 5 years under its leadership after rising by 41.1% during the first half of this year.

Under his leadership, the Bank has been able to significantly enhance depositors' confidence in it. This was evident in the extraordinary growth of its customer deposit portfolio, which jumped by 152.1%. With an increase of EGP 331.8 bn, the equivalent of EGP 550 bn by the end of June 2024, compared to EGP 218.1 bn by the end of December 2022, pushing the portfolio to achieve the highest quarterly growth rate of about 40% over the last 5 years.

The extraordinary growth in the Bank's total deposits is driven mainly by growth in the retail deposit portfolio, which jumped by 210.3% and an increase of EGP 153.2 bn during the period under analysis, recording the equivalent of EGP 226 bn by the end of June 2024, compared to 72.8 bn by the end of December 2022, while the size of the portfolio grew by about 37% during the first half of the current year.

This is also attributable to the growth of the corporate deposit portfolio at a 123% rate and an increase of EGP 178.6 bn, recording the equivalent of EGP 323.9 bn by the end of June 2024, compared to the equivalent of 145.3 bn by the end of December 2022. The portfolio also achieved about 42% growth during the first half of the 2024, the highest quarterly growth rate for the last 5 years.

AAIB also managed to grow the total portfolio of its customers by 53% and an increase of EGP 67 bn during the period under analysis, moving from EGP 126 bn by the end of December 2022, reaching the equivalent of 192.8 bn by the end of June 2024, and in the first half of this year the portfolio achieved the highest quarterly growth rate of the last 5 years by 25%.

This is due to a 58.5% increase in the total portfolio of retail loans, with an equivalent of EGP 26.9 bn by the end of June 2024, compared to 16.9 bn by the end of December 2022, while the portfolio during the first half of this year achieved the highest quarterly growth rate of 43.84% by the last 5 years.

The size of the Bank's corporate loan portfolio increased by 52.1% and increased by EGP 56.8 bn during the period under analysis, moving from EGP 109.1 bn by the end of December 2022 to 165.9 bn by the end of June 2024.

In terms of digital transformation, under the leadership of Tamer Waheed, the Bank has made significant progress in that area by investing heavily in modernizing its systems to provide advanced digital banking services, as well as launching innovative banking applications that meet customers' needs and contribute to improving the user experience.