AUB Egypt records 73.6% growth in consolidated net profit to EGP 2.04bn in 2022

Daily News Egypt
3 Min Read

Ahli United Bank (AUB) Egypt recorded a consolidated net profit hike of 73.6% to EGP 2.04bn in 2022, compared to EGP 1.18bn in 2021.

AUB’s business indicators showed remarkable results, with solid growth of its core earnings and profitability, proving its leadership in the banking sector. As per its ongoing market expansion strategy in Egypt, the bank targets to offer funds to economically viable sectors, uniquely innovative banking services, as well as rigorous risk management.

In line with the bank’s expansion policy in supporting economically vital sectors and personal banking products and services, the loans and advances portfolio surged by 36.5% during 2022, reaching EGP 53.9bn as of 31 December 2022, compared to EGP 39.5bn as of 31 December 2021.

In addition to large corporate and mid-cap, Ahli United Bank Egypt also shows a prime focus on SMEs finance, recording a significant increase in the portfolio’s value by 94.5% during 2022, recording EGP 9.8bn as of 31 December 2022, compared to EGP5.1 billion as of 31 December 2021. It is worth noting that the bank has successfully exceeded the 25% ratio of the funding portfolio as designated by CBE.

As for the deposit portfolio, its value increased from EGP 53.5bn as of 31 December 2021, to a total value of EGP 69.8bn as of 31 December 2022, witnessing a 30.4% hike. AUB took the lead in offering innovative products such as the EDGE package with exclusive benefits, catering to the customers’ saving and investment demands, as well as new various CD’s.

The bank’s total assets increased by 33% to EGP 85.7 billion as of 31 December 2022, compared to EGP 64.5bn as of 31 December 2021. Meanwhile, the total equity increased by 16.2% to EGP 10.7bn as of 31 December 2022, compared to EGP 9.2bn as of 31 December 2021 reflecting robust capitalization and liquidity levels.

AUB continues to prioritize offering the best digital customer experience. In 2022, the bank rolled out the E-Account service, enabling customers to receive their account number upon completion of steps until they visit the branch to complete the process. The bank’s services are now available on the InstaPay app, to enhance service accessibility. Hence, the clients can have access to their accounts all day and instantly transfer money, using their mobiles.  AUB also facilitated the access of people with special needs to banking services by upgrading select branches and ATMs with new features nationwide. Moreover the bank has developed and launched its corporate online banking service (B2B) allowing its customers to check and transact online for paying their suppliers, payroll or any Trade transactions through B2B.

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