Latest news with #UnitedBank
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.
Zawya
15-05-2025
- Business
- Zawya
Egypt: United Bank's consolidated profits leap 67% YoY in Q1 2025
Arab Finance: The United Bank logged 67% year-on-year (YoY) higher consolidated net profits after tax and attributable to the parent company at EGP 774 million in the first three months of 2025, up from EGP 464 million in the first quarter (Q1) of 2024, according to the bank's financial statements. United Bank registered interest income amounting to EGP 3.443 billion at the end of March 2025, up 20% YoY from EGP 2.867 billion. Meanwhile, the standalone net profits after tax rose by 68% YoY to EGP 740 million from EGP 441 million. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
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.
Express Tribune
17-04-2025
- Business
- Express Tribune
Cement sector, Asian markets boost PSX
Thorough research and patience are key. Investors should remain realistic, avoid chasing quick returns and focus on building a stable, long-term portfolio. photo: file Listen to article The Pakistan Stock Exchange (PSX) on Thursday made impressive gains as the benchmark KSE-100 index jumped nearly 900 points, powered by encouraging economic data and a positive trend in regional markets. Renewed investor interest sparked broad-based buying that kept bulls in control for almost throughout the session. A record current account surplus of $1.195 billion in March 2025 bolstered confidence in Pakistan's external account. The announcement that Kuwait had extended its oil credit facility further supported the market. Investor sentiment was also buoyed by the recent upgrade of Pakistan's long-term foreign currency issuer default rating to "B-" with a stable outlook, which signalled improved creditworthiness and macroeconomic stability. Earlier, trading began on a positive note, but the index soon dipped to the intra-day low of 115,818. Later, a strong performance from key sectors, particularly cement driven by a price increase of Rs25 per bag, helped offset losses, taking the index to the intra-day high of 117,216. "Stocks showed a sharp recovery amid a record current account surplus of $1.195 billion in March while the extension of Kuwait's oil credit facility helped ease rupee volatility and attract foreign inflows," said Arif Habib Corp MD Ahsan Mehanti. "The bullish close was also fuelled by Fitch's rating upgrade, strong Asian markets, higher crude prices and the upbeat remittance and inflation data," he added. At the end of trading, the benchmark KSE-100 index posted a robust gain of 881.03 points, or 0.76%, and settled at 116,901.13. KTrade Securities, in its market wrap, wrote that Pakistan's bourse witnessed a positive trading session, gaining 0.76% day-on-day. The market started on a strong note, following a positive trend in Asian equities. Reports of positive developments pertaining to the settlement of circular debt also contributed to the index's rise. Bank, cement and oil and gas stocks played a significant role, with United Bank, Pakistan State Oil (PSO), National Bank of Pakistan (NBP), Mari Petroleum and Maple Leaf Cement being the key contributors, it said. "PSX outlook is upbeat following a successful IMF review, which is expected to boost investor confidence," KTrade added. Topline Securities reported that investor sentiment was buoyed by the record high remittances, which contributed to a historic current account surplus in March 2025. The surplus for the first nine months of FY25 reached $1.9 billion. Additionally, it said, the rally in cement stocks was fuelled by an increase in prices by Rs25 per bag, which further supported the market's upward momentum. The index's performance was largely driven by heavyweight stocks such as United Bank, PSO, NBP, Mari Petroleum and Maple Leaf Cement, which contributed 515 points, Topline added. According to JS Global analyst Muhammad Hasan Ather, the KSE-100 closed higher, gaining 0.8%, as bulls firmly reclaimed control. Multiple catalysts drove the rally, including Fitch's rating upgrade and the progress on circular debt resolution. These developments signal a potentially lower inflation ahead while the real estate tax relief further buoyed sentiment, he said. The market's decisive break above 117,000 sets a solid momentum that could propel the index towards 118,500 in the near term, particularly if foreign inflows accelerate on improved economic indicators, he added. The overall trading volume stood at 408.1 million shares against Wednesday's tally of 481.8 million. The value of shares traded during the day was Rs32.1 billion. Shares of 445 companies were traded. Of these, 212 stocks closed higher, 172 declined and 61 remained unchanged. Maple Leaf Cement topped the volume chart with 23.8 million shares, rising Rs3.81 to close at Rs64.57. It was followed by The Bank of Punjab with 23.3 million shares, gaining Rs0.15 to close at Rs11.26 and Cnergyico PK with 17.9 million shares, up Rs0.02 to close at Rs8.53. During the day, foreign investors sold shares worth Rs41.5 million, the NCCPL reported.
Associated Press
14-04-2025
- Business
- Associated Press
United Bank and Federal Home Loan Bank of Atlanta Award $4.7 Million to Support Affordable Housing in Washington, D.C. and Virginia
WASHINGTON, April 14, 2025 (GLOBE NEWSWIRE) -- United Bank (NASDAQ: UBSI) and the Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today an investment of $4.7 million in grant funding, designated for five separate projects that will create 363 new affordable housing units in Washington, D.C. and Virginia. The funding is sourced from FHLBank Atlanta's Affordable Housing Program (AHP) General Fund and administered through United Bank. These funds will go toward the following projects in Washington, D.C.: In Harrisonburg, Va.: Each property will provide residents with high-speed internet and offer education and training services on topics including computer skills, life skills, money management, GED preparation, literacy, and nutrition. 'United Bank has a longstanding history of supporting community development initiatives that provide affordable housing, support low- or moderate-income senior citizens and families, and revitalize communities in meaningful ways,' said Christina Cudney, Corporate Social Responsibility Officer, United Bank. 'These funds from FHLBank Atlanta help us continue to move the needle on pressing challenges faced by our communities to fulfill this ongoing commitment. With the rise in construction costs, several projects in our area had a need for gap funding, and FHLBank Atlanta's grant program is enabling these initiatives to cross the finish line sooner than otherwise possible.' FHLBank Atlanta's General Fund provides grants annually to assist in the acquisition, construction, rehabilitation, or preservation of affordable housing projects. In December 2024, FHLBank Atlanta announced 66 grant recipient winners of its 2024 program, which allocated a total of $55 million to support the development and repair of more than 4,200 affordable housing units. 'It is inspiring to see United Bank's dedication to affordable housing and economic vitality,' said FHLBank Atlanta President and CEO Kirk Malmberg. 'Understanding the growing need for more affordable housing, our members like United Bank are working hand in hand with their local developers and nonprofits to make a lasting impact, and we are honored to see funds from FHLBank Atlanta support such transformational projects.' About United Bank United Bank is a premier community bank headquartered in Greater Washington, D.C. A subsidiary of United Bankshares, Inc. (NASDAQ: UBSI), United has consolidated assets of more than $32 billion with over 240 offices located throughout Virginia, Maryland, West Virginia, North Carolina, South Carolina, Ohio, Pennsylvania, and Georgia, as well as Washington, D.C., where it is the community bank of the nation's capital. The Bank is committed to growing the relationships it has built since 1839 and offering a competitive suite of banking and lending products, treasury management, wealth management, mortgage services, personal and business credit cards, and more. United is also committed to providing excellence in service to the communities throughout its footprint, strategically aligning resources to move the needle on pressing challenges in vital impact areas, including financial literacy, children and education, affordable housing, health, and economic vitality. For more information, visit About Federal Home Loan Bank of Atlanta FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank's members—its shareholders and customers—are commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies located in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 11 district Banks in the Federal Home Loan Bank System. Since 1990, the FHLBanks have awarded approximately $9.1 billion in Affordable Housing Program funds, assisting more than 1.2 million households. For more information, visit our website at MEDIA CONTACTS: Federal Home Loan Bank of Atlanta Sheryl Touchton [email protected] United Bank Sameera Jordan [email protected]
