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Two years of excellence, EBank continues to succeed under the leadership of Ahmed Galal

FirstBank

EBank has undergone a significant qualitative transformation since Ahmed Galal assumed executive leadership of the bank in December 2022. Its strategy was based on balancing the remarkable growth of its financial indicators and enhancing competitiveness in the Egyptian banking market.

Galal relied on a comprehensive vision to develop banking operations and diversify the Bank's customer base, focusing on export support as part of the Bank's core strategy. The Bank launched initiatives to finance SMEs of an export nature, which contributed to an increase in the number of companies benefiting from the Bank's services.

Under his leadership, a number of financing programmes were developed to support Egyptian exporters, which contributed to enhancing the competitiveness of Egyptian products in international markets, as well as increasing strategic partnerships with international financial institutions to provide concessional lines of credit to exporters.

Thanks to Galal's ambitious vision and innovative approach, the Bank managed to achieve record growth rates in its financial indicators over a short period of time, after EBank's net profit jumped by 154% and an increase of EGP 1.89 bn over one year, to EGP 3.12 bn in 2023, compared to EGP 1.23 bn in 2022.

This year, the Bank achieved a remarkable net profit growth rate after rising by 80%, hitting EGP 3.88 bn in the first 9 months of 2024, compared to EGP 2.16 bn during the first 9 months of 2023, an increase of EGP 1.73 bn.

Since assuming executive leadership, the bank's total customer loan portfolio has risen by 50 .24%, with an increase of about EGP 22.51 bn, reaching EGP 67.33 bn by the end of September 2024, compared to 44.82 bn by the end of December 2022, and the total portfolio has increased in the first 9 months of the year at a rate of 23.3% growth.

The dramatic increase in the Bank's total loans portfolio was driven by the exponential growth in the retail loans portfolio, which jumped by a growth rate of 127.8% and an increase of EGP 5.80 bn, registering about EGP 10.33 bn by the end of September 2024, compared to 4.54 bn by the end of December 2022, while the portfolio jumped by 34% growth during the first 9 months of the year.

The bank's total corporate loan portfolio also increased by 41.5%, moving from EGP 40.28 bn by the end of December 2022, reaching about 57 bn by the end of September, bringing an increase of EGP 16.72 bn during the period under analysis, while the portfolio grew by 21.5% during the first 9 months of 2024.

Galal has been able to significantly enhance depositors' confidence in the bank, as evidenced by the extraordinary growth in the volume of its clients' deposit portfolio, which jumped by 74.1% and an increase of about EGP 54 bn, to EGP 126.85 bn by the end of September 2024, compared to 72.85 bn by the end of December 2022, while the portfolio increased by 45.9% during the first 9 months of this year.

This increase is attributable to a rise in corporate deposits at a growth rate of 82.14%, jumping to EGP 108.68 bn by the end of September, compared to 59.67 bn by the end of December 2022, bringing an increase of EGP 49.01 bn during the period under analysis, while the portfolio volume jumped by 52% during the first 9 months of 2024.

The volume of retail deposit portfolio also jumped by 38% and an increase of EGP 4.98 bn during the period under analysis, reaching EGP 18.17 bn by the end of September 2024, compared to 13.19 bn by the end of December 2022, and the portfolio grew by 17.7% during the first 9 months of the current year.

The bank's total assets jumped at a 76.3% growth rate with an increase of EGP 73.85 bn during the period under analysis, bringing the portfolio size to EGP 170.61 bn by the end of September 2024, compared to 96.76 bn by the end of December 2022, and during the first 9 months of this year the portfolio volume increased by 46.1%.

Galal's tenure saw a surge in digital transformation within EBank, injecting more investment into technology to develop the Bank's digital services such as Internet banking and banking applications, boosting process efficiency and service speed, while successfully introducing new technologies to improve customer experience and increase customer satisfaction, such as advanced e-payment systems.

Under his leadership, more of the Bank's new branches were opened in strategic locations to expand the Bank's reach and reach a larger segment of customers, as well as enhance the Bank's presence in industrial and logistics zones to support exporters directly.