Latest news with #AshrafEl-Kady
Daily News Egypt
24-05-2025
- Business
- Daily News Egypt
United Bank reports over EGP 1bn in profits for Q1 2025
United Bank has reported standalone pre-tax profits of EGP 1.013bn for the first quarter (Q1) of 2025, achieving a 59% increase compared to the same period in 2024. CEO and Managing Director Ashraf El-Kady described the performance as a reflection of the bank's professionalism and adaptability across all areas of banking operations. El-Kady acknowledged that the first quarter of the year continued to present challenges, particularly those related to open market mechanisms. However, he emphasized that the bank's flexible strategy allowed it to navigate these challenges effectively and make significant progress on multiple fronts. Central to this progress was United Bank's focus on digital transformation, which El-Kady described as one of the most pressing and strategic priorities during the period. To keep pace with global standards, the bank increased its investments in digital infrastructure and employee training. These efforts were aimed at enhancing operational efficiency and meeting the evolving expectations of its customers. El-Kady noted that there has been a noticeable shift in customer behaviour, with rising demand for digital services and innovative financial products. In response, the bank launched a suite of digital banking solutions designed to meet the needs of both individuals and businesses. These offerings contributed to improved customer satisfaction and helped expand the bank's market reach. In addition to digital transformation, the bank continued to strengthen its presence across key economic sectors. It pursued further growth through its digital channels and expanded services for corporate clients and small and medium-sized enterprises (SMEs). Notably, the bank also began incorporating green finance mechanisms into its operations, aligning with national sustainability objectives. El-Kady stated that the financial indicators for the first quarter clearly reflected the success of these initiatives, with solid growth in revenue and return on equity. He reaffirmed the commitment of United Bank's team to achieving both its financial and operational goals while continuing to play an active role in community development and sustainable finance. According to the bank's official financial statements, United Bank achieved a net profit after tax of EGP 740m in the first quarter of 2025, compared to EGP 441m in the same quarter last year—an increase of 68%. Revenue from banking returns rose to EGP 3.283bn in March 2025, up from EGP 2.776bn a year earlier. The bank's total assets increased to EGP 87.176bn, supported by a rise in customer deposits, which reached EGP 67.025bn, compared to EGP 62.815bn in the previous year. Net loans and credit facilities extended to customers amounted to EGP 32.780bn. Within its financing operations, the syndicated loan portfolio reached EGP 7.137bn, while corporate financing totalled EGP 25.857bn, of which EGP 15.439bn were direct loans. Meanwhile, retail loans stood at EGP 8.436bn. El-Kady concluded by reiterating the bank's strategic focus on operational excellence, digital innovation, and financial inclusion, positioning United Bank for continued growth in a changing economic landscape.
Daily News Egypt
12-04-2025
- Business
- Daily News Egypt
United Bank launches comprehensive digital services for business owners, investors
United Bank has launched an integrated suite of digital banking services and advanced financial solutions, designed to meet the growing and evolving needs of business owners and investors in today's fast-paced economic environment. Among the key offerings are a wide range of digital solutions for government-related payments. These include tax payments of all types, social insurance contributions, customs duties, unified window services, payments for government-supplied goods and services, citizen-centric payments, and port-related financial transactions. In addition, the bank's electronic banking platform allows clients to execute a full range of financial operations with ease and security. These include local and international fund transfers, real-time SWIFT payments, account statement requests, transaction history viewing, statement downloads, documentary credit applications, and requests for letters of guarantee. Ashraf El-Kady, CEO of United Bank, emphasized that digital transformation is no longer optional in light of the accelerating pace of technological change. He noted that the transition to digital finance is now a core driver of the sustainable growth of Egypt's electronic payments infrastructure—and a key enabler of a vibrant, investor-friendly economy. 'This shift is fundamental to our strategy and is fully aligned with Egypt's Vision 2030,' El-Kady said. 'The aim is to empower clients with round-the-clock access to essential financial services, particularly those related to tax and customs obligations, all while enhancing convenience and transparency.' He cited a report by the Ministry of Finance, issued in June 2024, which highlighted strong momentum in digital payment adoption. The report revealed that electronic payments and collections reached a total value of EGP 2.5trn over 11 months. Of this, electronic tax payments accounted for EGP 613bn, a 16% year-on-year increase, while electronic customs payments surged by 38% to reach EGP 284bn. El-Kady praised the coordinated efforts between the Central Bank of Egypt (CBE) and the Ministry of Finance to ensure continuous access to government e-services. These platforms now operate 24/7, enabling clients to fulfil their financial obligations at any time, without the delays or burdens associated with traditional paperwork. He stressed that these digital advances not only enhance operational efficiency but also reduce processing time and error rates, making Egypt more competitive on the global investment map. 'By eliminating bottlenecks and offering seamless digital channels, we are not just simplifying banking—we are helping drive Egypt's transformation into a smart, tech-enabled economy,' El-Kady concluded.
Zawya
17-02-2025
- Business
- Zawya
We target a profit of $8mln in 2025: United Bank CEO
Egypt - Ashraf El-Kady, CEO and Managing Director of United Bank, has outlined the bank's strategic growth objectives, which are built on several key pillars. He told Daily News Egypt that at the heart of these objectives is a commitment to supporting the bank's customer base through improved customer experiences, comprehensive product offerings in both Islamic and traditional banking, and strengthened relationships across important segments to maximise profitability. The bank also aims to continue introducing innovative products to meet evolving customer needs and aspirations. El-Kady added that the bank will maintain its project financing efforts, with a strong focus on sustainable and green financing. It also intends to expand its activities to increase income streams and commissions, diversifying beyond a sole reliance on returns. Maintaining a diversified deposit and loan portfolio while ensuring the quality of the bank's assets remains a priority. A key pillar of the bank's strategy, El-Kady pointed out, is leveraging digital channels and advanced infrastructure to increase outreach and efficiency. This includes simplifying banking processes for clients and improving their overall experience. The bank is also committed to dynamically and systematically deploying resources, operating within a robust governance framework that includes strong risk controls and clear guidelines. Growth targets El-Kady stated that the bank aims to achieve a pre-tax profit of EGP 4.265bn in 2025, a significant increase compared to the EGP 2.5bn recorded by the end of September 2024. The bank's goals also include increasing net profit to EGP 3.071bn, raising total loans to EGP 35.6bn, increasing deposits to EGP 71bn, and growing equity beyond EGP 18bn. Despite various challenges, the bank achieved positive results in 2024, El-Kady noted. As of 30 September, total loans and advances amounted to EGP 30bn, a 12% increase compared to the same period last year. Customer deposits rose by 13.3% to reach EGP 57bn, while the return on equity increased by 36 basis points to 22%. Listing on EGX Furthermore, El-Kady highlighted that 2024 culminated in the bank listing 30% of its shares on the Egyptian Exchange (EGX) in early December. This move aligns with the Central Bank of Egypt (CBE) and the government's program to expand the capital base, encourage private sector partnerships, and attract both local and foreign investments into the financial market. Diverse products The bank offers a range of products, El-Kady emphasised, including personal car financing up to EGP 3m and a cash financing program offering up to EGP 2.5m with quick processing and a repayment period of up to seven years. The bank has also launched a new program to finance heavy-duty trucks, expanding its market share in commercial vehicle financing. This product has attracted a new customer segment seeking heavy-duty vehicles serving multiple economic sectors, offering competitive interest rates and a repayment term of up to five years with a down payment. Solving the problem of troubled factories El-Kady revealed the bank's efforts to resolve issues with 20 distressed factories, helping them resume operations and production. The bank implemented innovative solutions to address the crisis, in line with Egypt's and the CBE's strategy. In 2024, the bank continued enhancing its methodology for financing small and medium-sized enterprises (SMEs) by offering specialised financial solutions, digital services, and technical consulting while ensuring sustained growth and profitability. Nevertheless, the bank has also provided tailored financing solutions for the microfinance sector, particularly in agriculture and value chain development, creating significant job opportunities for youth and women in agricultural-related sectors such as packaging, transport, marketing, and food products. Sharia-compliant products In line with its strategic goals, El-Kady noted that the bank has launched a variety of Sharia-compliant products, which have been well-received. These include the Sharia-compliant three-year savings certificate offering up to 30% annual return, an Islamic Elite Savings Account, and a weekly Islamic deposit that pays interest weekly with multiple benefits for customers. NilePreneurs initiative El-Kady highlighted the bank's participation in the 'NilePreneurs' initiative, which includes two programs: Business Development Centres offering non-financial and advisory services to entrepreneurs and young business owners, and the Value Chain Development Program in textiles and furniture manufacturing. He explained that over the past six years, the bank has provided exceptional support to entrepreneurs, offering more than 14,799 non-financial advisory services, benefiting over 4,318 entrepreneurs and companies. These services included idea development, feasibility study preparation, credit file management, obtaining licenses, and supporting companies' digital transformation. Support for small enterprises Moreover, the bank provided full banking support and financing to 493 small business entrepreneurs across three Business Development Centres in Minya, Dakahlia, and Giza. Additionally, the bank has 68 branches across Egypt dedicated to serving entrepreneurs and small businesses, offering both financial and technical support, and helping them contribute to Egypt's comprehensive development goals in line with the country's Vision 2030. Syndicated loans El-Kady mentioned the bank's participation in a syndicated loan to finance the Social Housing Fund and Real Estate Finance Support Fund, with a share of EGP 300m aimed at funding social housing projects for low and middle-income individuals. The bank is continuing its support for national and vital projects in 2025 and has seen exceptional growth in the mortgage sector, granting EGP 3bn worth of loans, with an 8% growth rate, benefiting around 14,500 clients nationwide. Digital transformation El-Kady discussed the activation of the bank's real-time payment network on its electronic channels, including online and mobile banking, allowing customers to make instant payments 24/7. The bank has launched more than 20 mobile and online banking services, ensuring it meets both current and future customer needs. The bank is also enhancing its operations through automation and artificial intelligence applications, with around 75% of processes now automated to improve efficiency, streamline customer service, and promote environmentally friendly transactions. Sustainable financing Moreover, the bank has launched 26 initiatives and projects promoting green financing practices for individuals and businesses, alongside corporate social responsibility activities in health, education, and community development. It has also invested over EGP 2bn to prepare for relocating to its new headquarters in the New Administrative Capital, contributing to Egypt's urban expansion and economic growth in line with Vision 2030. Corporate social responsibility El-Kady concluded by stating that the bank plays a significant role in corporate social responsibility, supporting sectors such as health and education, and organising various events that have a positive societal impact.
Daily News Egypt
16-02-2025
- Business
- Daily News Egypt
We target a profit of EGP 4.3bn in 2025: United Bank CEO
Ashraf El-Kady, CEO and Managing Director of United Bank, has outlined the bank's strategic growth objectives, which are built on several key pillars. He told Daily News Egypt that at the heart of these objectives is a commitment to supporting the bank's customer base through improved customer experiences, comprehensive product offerings in both Islamic and traditional banking, and strengthened relationships across important segments to maximise profitability. The bank also aims to continue introducing innovative products to meet evolving customer needs and aspirations. El-Kady added that the bank will maintain its project financing efforts, with a strong focus on sustainable and green financing. It also intends to expand its activities to increase income streams and commissions, diversifying beyond a sole reliance on returns. Maintaining a diversified deposit and loan portfolio while ensuring the quality of the bank's assets remains a priority. Ashraf El-Kady A key pillar of the bank's strategy, El-Kady pointed out, is leveraging digital channels and advanced infrastructure to increase outreach and efficiency. This includes simplifying banking processes for clients and improving their overall experience. The bank is also committed to dynamically and systematically deploying resources, operating within a robust governance framework that includes strong risk controls and clear guidelines. Growth targets El-Kady stated that the bank aims to achieve a pre-tax profit of EGP 4.265bn in 2025, a significant increase compared to the EGP 2.5bn recorded by the end of September 2024. The bank's goals also include increasing net profit to EGP 3.071bn, raising total loans to EGP 35.6bn, increasing deposits to EGP 71bn, and growing equity beyond EGP 18bn. Despite various challenges, the bank achieved positive results in 2024, El-Kady noted. As of 30 September, total loans and advances amounted to EGP 30bn, a 12% increase compared to the same period last year. Customer deposits rose by 13.3% to reach EGP 57bn, while the return on equity increased by 36 basis points to 22%. Listing on EGX Furthermore, El-Kady highlighted that 2024 culminated in the bank listing 30% of its shares on the Egyptian Exchange (EGX) in early December. This move aligns with the Central Bank of Egypt (CBE) and the government's program to expand the capital base, encourage private sector partnerships, and attract both local and foreign investments into the financial market. Diverse products The bank offers a range of products, El-Kady emphasised, including personal car financing up to EGP 3m and a cash financing program offering up to EGP 2.5m with quick processing and a repayment period of up to seven years. The bank has also launched a new program to finance heavy-duty trucks, expanding its market share in commercial vehicle financing. This product has attracted a new customer segment seeking heavy-duty vehicles serving multiple economic sectors, offering competitive interest rates and a repayment term of up to five years with a down payment. Solving the problem of troubled factories El-Kady revealed the bank's efforts to resolve issues with 20 distressed factories, helping them resume operations and production. The bank implemented innovative solutions to address the crisis, in line with Egypt's and the CBE's strategy. In 2024, the bank continued enhancing its methodology for financing small and medium-sized enterprises (SMEs) by offering specialised financial solutions, digital services, and technical consulting while ensuring sustained growth and profitability. Nevertheless, the bank has also provided tailored financing solutions for the microfinance sector, particularly in agriculture and value chain development, creating significant job opportunities for youth and women in agricultural-related sectors such as packaging, transport, marketing, and food products. Sharia-compliant products In line with its strategic goals, El-Kady noted that the bank has launched a variety of Sharia-compliant products, which have been well-received. These include the Sharia-compliant three-year savings certificate offering up to 30% annual return, an Islamic Elite Savings Account, and a weekly Islamic deposit that pays interest weekly with multiple benefits for customers. NilePreneurs initiative El-Kady highlighted the bank's participation in the 'NilePreneurs' initiative, which includes two programs: Business Development Centres offering non-financial and advisory services to entrepreneurs and young business owners, and the Value Chain Development Program in textiles and furniture manufacturing. He explained that over the past six years, the bank has provided exceptional support to entrepreneurs, offering more than 14,799 non-financial advisory services, benefiting over 4,318 entrepreneurs and companies. These services included idea development, feasibility study preparation, credit file management, obtaining licenses, and supporting companies' digital transformation. Support for small enterprises Moreover, the bank provided full banking support and financing to 493 small business entrepreneurs across three Business Development Centres in Minya, Dakahlia, and Giza. Additionally, the bank has 68 branches across Egypt dedicated to serving entrepreneurs and small businesses, offering both financial and technical support, and helping them contribute to Egypt's comprehensive development goals in line with the country's Vision 2030. Syndicated loans El-Kady mentioned the bank's participation in a syndicated loan to finance the Social Housing Fund and Real Estate Finance Support Fund, with a share of EGP 300m aimed at funding social housing projects for low and middle-income individuals. The bank is continuing its support for national and vital projects in 2025 and has seen exceptional growth in the mortgage sector, granting EGP 3bn worth of loans, with an 8% growth rate, benefiting around 14,500 clients nationwide. Digital transformation El-Kady discussed the activation of the bank's real-time payment network on its electronic channels, including online and mobile banking, allowing customers to make instant payments 24/7. The bank has launched more than 20 mobile and online banking services, ensuring it meets both current and future customer needs. The bank is also enhancing its operations through automation and artificial intelligence applications, with around 75% of processes now automated to improve efficiency, streamline customer service, and promote environmentally friendly transactions. Sustainable financing Moreover, the bank has launched 26 initiatives and projects promoting green financing practices for individuals and businesses, alongside corporate social responsibility activities in health, education, and community development. It has also invested over EGP 2bn to prepare for relocating to its new headquarters in the New Administrative Capital, contributing to Egypt's urban expansion and economic growth in line with Vision 2030. Corporate social responsibility El-Kady concluded by stating that the bank plays a significant role in corporate social responsibility, supporting sectors such as health and education, and organising various events that have a positive societal impact.
