Tamer Seif-Aldin leads Bank NXT to historical leap from losses to significant profits

Since assuming the role of CEO and Managing Director of Bank NXT in January 2021, Tamer Seif-Aldin has been able to lead the Bank in a major transition and transformative phase, facing numerous challenges as a result of the Bank's restructuring and changing its name and identity in line with a new vision based on innovation and financial inclusion.

He oversaw the bank's rebranding process from aiBank to Bank NXT to align with its new strategy aimed at attracting customers and upgrading the customer experience, focusing on modernizing the bank's technological and digital infrastructure, improving the quality of banking services and accelerating its operations.

Therefore, Tamer Seif-Aldin managed to boom the bank's main indicators, as Bank NXT made a qualitative shift in its net profits after jumping by 232%, registering EGP 1.150 bn in 2023, compared to losses of EGP 871.081 million in 2021.

In terms of the growth of the Bank's profits during the current year, the Bank's net profit rose by 66% and an increase of EGP 529 million, registering EGP 1.33 bn during the first 9 months of 2024, compared to 801 million during the same period in 2023.

This shift reflects the success of Seif-Aldin's strategy and vision in restructuring the Bank, diversifying its service portfolio and embracing digital transformation to increase operational efficiency, as well as promoting financial inclusion and attracting new segments of customers in improving the overall performance of the Bank, making this achievement a key turning point in the Bank's history.

In terms of financial position, the Bank's asset portfolio rose by 73.52% during the period under analysis, after reaching a portfolio size of about EGP 78.87 bn by the end of September 2024, compared to EGP 45.45 bn by the end of December 2021, with an increase of EGP 33.41 bn.

The Bank's deposit portfolio has grown remarkably under its leadership, jumping by 71.65% and an increase of EGP 27.75 bn, reaching EGP 66.48 bn by the end of September 2024, compared to 38.73 bn by the end of December 2021.

This was supported by the huge jump in the corporate deposit portfolio, which rose by about 209%, to EGP 46.31 bn by the end of September 2024, compared to 14.99 bn by the end of December 2021, an increase of EGP 31.32 bn.

This is due to the Bank's adoption of a comprehensive strategy to increase customer confidence and attract new segments, both individuals and corporates, focusing on the introduction of competitive banking products and the provision of innovative savings solutions in line with different customer needs

Investments in digital transformation and the development of electronic communication channels have also played an important role in facilitating deposit procedures and enhancing customer experience. This growth in deposits reflects the Bank's ability to improve its financial performance and increase its market share in the Egyptian banking sector.

In terms of the Bank’s granting loan, the total portfolio of customer loans rose to 26.74 bn pounds by the end of September 2024, compared to 1,131 bn by the end of December 2021, jumping by 136.52% and an increase of 15.43 bn pounds during the period under analysis.

This is due to the expansion of the Bank's corporate loans, where the size of its corporate loans portfolio increased by 131.36% and an increase of approximately 9.9 bn pounds, to 17.38 bn pounds by the end of September 2024, compared to 7.51 bn by the end of December 2021

The corporate direct loans portfolio increased by 139.57% and an increase of 7.30 bn pounds, reaching 12.53 bn pounds by the end of September 2024, compared to 5.23 bn by the end of December 2021.

Syndicated loans also contributed to this growth, with the portfolio jumping to 4.49 bn pounds by the end of September 2024, compared to 1.54 bn by the end of December 2021, to grow at a rate of 191.81% and an increase of about 2.95 bn pounds

In terms of retail loans, the bank's retail loan growth rate rose to 146.72%, reaching 9.36 bn pounds by the end of September 2024, compared to 3.80 bn by the end of December 2021, an increase of 5.57 bn pounds.

The Bank's personal loan portfolio rose by 160.27%, to 7.44 bn pounds by the end of September 2024, compared to 2.86 bn by the end of December 2021, with an increase of 4.58 bn pounds.

Seif-Aldin's leadership period has also seen a boom in the digital transformation of the Bank, following an ambitious strategy that included the launch of innovative banking applications and advanced electronic services, as well as enhancing the Bank's reliance on artificial intelligence and data analysis to improve the efficiency of banking operations and the allocation of services to customers.