Latest news with #AshrafElKady
Daily News Egypt
26-04-2025
- Business
- Daily News Egypt
United Bank expands digital services, financing solutions for companies
United Bank has unveiled a new package of digital banking services under its corporate digital payments program, marking a significant step toward full digital transformation and enhanced financial inclusion. In 2024, the Bank aims to broaden its digital offerings and provide an expanded range of banking and financing solutions, especially for small and medium-sized enterprises (SMEs) and entrepreneurs, supporting their ambitions for sustainable growth both locally and globally. In a statement, United Bank said its integrated banking solutions will enable investors and business owners to expand their customer base, better manage cash flows, strengthen client trust, and unlock new growth opportunities through advanced e-commerce tools. The Bank's solutions also offer flexible financing options tailored to diverse sectors—including commerce, industry, agriculture, and services—while supporting faster decision-making for business owners. The Bank's corporate digital payment services include government payment solutions covering taxes, social insurance contributions, customs duties, unified window services, citizen services, government entity deposits, and port payments. Its electronic banking suite extends to domestic and international transfers, real-time SWIFT transfers, account inquiries and statement downloads, and online requests for letters of credit and guarantee letters. United Bank CEO Ashraf El Kady emphasized that targeting corporate clients, SMEs, and entrepreneurs through digital payments programs is a key pillar of enhancing the business environment. He noted that digital payments have become central to economic development, particularly for SMEs. El Kady highlighted the impact of recent legislative reforms, including the cap on cash payments to government entities and the automation of public sector payment systems, which have accelerated Egypt's transition toward a cashless economy. He added that United Bank remains committed to creating exceptional investment opportunities for SMEs and entrepreneurs, viewing them as essential drivers of societal development and critical contributors to the 'Made in Egypt' initiative for industrial and productive growth. El Kady also underlined the Bank's efforts to empower young Egyptian entrepreneurs offering innovative solutions to economic challenges and supporting local production across key industries. Initiatives such as NilePreneurs and value chain development programs in textiles, furniture, dairy, and plastics industries align with national objectives to boost exports, support startups, and encourage sustainable economic growth. United Bank also deploys financial engineering tools to offer both banking and non-banking financing solutions under initiatives launched by the Central Bank of Egypt (CBE). Strategic Partnership with FINASTRA In parallel, United Bank announced it has signed a memorandum of understanding (MoU) with global fintech leader FINASTRA to integrate artificial intelligence (AI) and deep learning technologies into its operations—a move that reflects the Bank's vision for the future of banking services. The MoU sets the framework for adopting advanced big data analytics, embedding AI solutions, and deploying deep learning applications as part of United Bank's broader strategy for technological innovation. Through the project, United Bank's systems will be enhanced to analyze large datasets instantly, predict customer needs through behavioral insights, and engage clients through smart, 24/7 digital channels. This will elevate the speed, accuracy, and personalization of banking operations, offering a more dynamic and luxurious customer experience. These technologies are also expected to deepen customer satisfaction and loyalty across the Bank's network, including internet banking, digital wallets, mobile apps, and interactive ATMs, while expanding financial inclusion. Additionally, the AI-powered systems will boost operational efficiency and decision-making through real-time smart data analysis, equipping United Bank's leadership with immediate, actionable insights to support strategic planning. Enhanced cybersecurity, early fraud detection, and stronger risk management standards will also be key outcomes of the initiative, in line with global best practices. The project will further empower United Bank's workforce by providing smarter, more flexible tools to serve customers effectively, while enriching employee training and supporting more competitive performance tracking across the Bank's operations. El Kady emphasized that investment in big data, AI, and deep learning technologies is an investment in the Bank's future. He stressed that this project is a continuation of United Bank's digital transformation journey, launched in 2016, to stay ahead of global changes in the financial sector and meet customer demands for smarter, safer, and more innovative services. He added that integrating smart technologies will significantly strengthen United Bank's market position by enhancing data management, operational agility, and decision-making at every level. El Kady concluded that this strategic shift marks a new era for United Bank as it embeds AI deeply into its digital ecosystem, offering flexible, responsive financial solutions and reinforcing its reputation for excellence in SME financing, credit services, and retail banking both in Egypt and abroad.
Daily News Egypt
08-03-2025
- Business
- Daily News Egypt
United Bank achieves record-breaking results, net profits surge 60% to EGP 2.73bn in 2024
United Bank has announced standalone pre-tax profits of EGP 3.61 bn in 2024, a 58% increase from EGP 2.28bn in 2023. Net profits soared to EGP 2.73bn, up from EGP 1.7bn, reflecting a 60% growth. The bank's standalone financial statements reveal that total interest income climbed to EGP 12.56bn in 2024, up from EGP 9.56bn in the previous year. Total assets reached EGP 82.51bn, further solidifying the bank's robust financial position. Customer deposits grew to EGP 62.82bn, a 25% increase from EGP 50.35bn in 2023, underscoring growing customer trust in the bank's offerings. Meanwhile, the total loan and credit facilities portfolio expanded to EGP 31.19bn, up 16.3% from EGP 26.82bn, driven by the bank's growth in corporate and SME financing. The retail banking portfolio saw an uptick, reaching EGP 8.31bn in 2024, compared to EGP 8.12bn in 2023. Additionally, the mortgage financing portfolio grew to EGP 3.01bn from EGP 2.61bn. Digital transaction volumes also saw significant growth, rising to EGP 1.3bn in 2024, up by EGP 394 million compared to the previous year. On a consolidated basis, United Bank's total interest income reached EGP 13.01bn in 2024, up from EGP 9.95bn in 2023. Net profits on a consolidated basis rose to EGP 2.83bn, a 63% increase from EGP 1.74bn. The bank's total assets increased to EGP 84.41bn. Ashraf El Kady, CEO and Managing Director of United Bank, emphasized that these strong performance metrics highlight significant growth across all business sectors. He attributed the bank's success to the team's expertise and commitment to delivering exceptional banking services with a strong foundation in social responsibility and sustainability. El Kady further highlighted the bank's strategic focus on maximizing existing resources, investing in human capital, and fostering innovation to provide cutting-edge banking and digital solutions that meet both current customer needs and future expectations. He stressed that United Bank aims to enhance its brand presence and market position, working to capture a larger market share while continuing to deliver robust performance across various sectors. The bank remains dedicated to its expansion plans, including broadening its customer base, advancing banking products and digital services, and progressing its digital transformation strategy. Moreover, El Kady affirmed the bank's ongoing commitment to promoting financial inclusion, supporting key economic sectors, and financing sustainable projects that contribute to Egypt's national economic growth agenda.
