Listen to this articleOutstanding performance, sustainable
growth, innovative e-services, financial inclusion and social responsibility initiative,
best practices for corporate governance, and securitization bonds in Africa.
ElSewerky: “Focusing on customer
satisfaction is the main driver of growth and investing in digital innovation
and quality of services with risk management achieves progress at a steady pace
to consolidate the bank’s position and achieve balanced and sustainable
growth.”
A number of prestigious international institutions have announced the winning of Abu Dhabi Commercial Bank Egypt for a large number of awards in recognition of its outstanding performance at all levels and sectors, in addition to its sustainable growth and commitment to the highest standards of performance. In an acknowledgement to its outstanding performance, the Bank received the “Best New Bank” award from both the World Business Outlook and International Business magazine. In appreciation for the financial performance indicators and sustainable growth achieved by the bank, World Business Outlook announced that the bank was awarded as the “Fastest Growing Bank”. As well as “Fastest Growing Retail Bank & Fastest Growing Corporate Bank”, Abu Dhabi Commercial Bank also won the Best Corporate Governance Bank award from Global Banking & Finance Review and World Finance for the bank’s compliance with sound governance frameworks and its strict application for the highest standards recognized locally and globally. For its innovation in the field of digital services, the bank won four awards: “Best Digital Banking Services Provider” from World Business Outlook, “Most Innovative Digital Bank” and “Best Internet Banking” from International Business magazine, in addition to “Most Innovative New Digital Bank” from International Finance magazine, which also honored the bank with the “Best Financial Inclusion Package Towards People With Disabilities – Erada” award, in recognition for the bank’s vision to achieve financial inclusion through empowerment, by focusing on people with disabilities. In the same regard and framework of social responsibility, the bank also won the Best CSR Bank award from Global Banking and Finance Review. on the other hand, the bank won the Best Securitization deal in Africa award from EMEA Finance magazine, as this honor came in appreciation for the bank’s contribution with other seven banks in the success of the largest issuance in the Egyptian market, which is the seventh issuance for the bonds of the El-Taameer Securitization Company, with a value of 20 billion Egyptian pounds, backed by a portfolio of financial rights owned by the New Urban Communities Authority. In this context, Ihab ElSewerky, Managing Director and CEO of Abu Dhabi Commercial Bank Egypt, commented: “We are proud of these awards as they are a culmination of the bank’s performance and the teamwork efforts , and they indicate the strength of the bank’s strategy, which is based on achieving customer satisfaction as a primary driver for growth. The strategy also relies on investing in digital innovation, working on providing the uppermost level of services with risk management, applying highest international standards of corporate governance, investing in the teamwork, and adopting a plan to achieve sustainability and to attain progress at a steady pace to consolidate the bank’s position and realize balanced and sustainable growth. Indeed, since the launch of Abu Dhabi Commercial Bank trade mark in Egypt, we have succeeded in increasing the bank’s assets by 191%, boosting up both the deposits portfolio by 195%, the loan portfolio by 137%, and the total profits by 149%. We strive to accomplish the bank’s balanced growth on the level of all commercial activities, as the corporate loan portfolio recorded an increase of 234% and the individual loans by 58%. The corporate deposits portfolio grew by 205% and the retail deposits increased by 181%.
ELSewerky added: “I would like to thank Abu Dhabi Commercial Bank Egypt team for their unceasing efforts and hard work, as well as the bank group in the Emirates and their persistent support for the bank’s growth in Egypt through the implementation of our ambitious strategy to reach the top of list of distinguished banks in the Egyptian market.” it is worth noting that the bank achieved net profits of EGP 1.065bn at the end of 2022, a growth of about 50% compared to the same period of the previous year. Net customer loans and facilities leaped by 40% during 2022, to reach EGP 29.7bn. The customer deposits portfolio recorded an increase of 84% to reach 75.5 billion pounds by the end of 2022. The bank’s assets increased by 78% to reach 86.2 billion pounds. Abu Dhabi Commercial Bank Egypt is keen to implement new digital solutions to expedite digital transformation and commitment to unceasing development to cater world-class services. The bank has launched the account opening service through the mobile application, a service that allows on one hand to achieve more spread and grow the bank’s market share, and on the other hand, to increase financial inclusion by creating a user friendly access for different categories of customers . The bank had recently announced joining InstaPay network to provide more convenience and ease for customers to link all accounts of various banks through a single application. All this falls within the framework of the bank’s digital transformation plan, which is considered one of the growth pillars of the bank’s five-year strategy. And as a continuation of Abu Dhabi Commercial Bank efforts within the framework of the sustainability plan and on the axis of financial inclusion and the bank’s vision to achieve inclusion through empowerment and by focusing on people with determination, as they constitute a wide segment of society, and reaching them is a lofty goal that will realize sustainable community and economic development. The bank had launched Irada package, which offers a large number of financial and non-financial facilities and services. The package includes opening a saving account free of administrative fees and without minimum limit, along with issuing a medical card instantly upon opening the account, to provide them with large discounts on many specialized services and prosthetic devices through a large medical network around the Republic. This is in addition to a loan with special interest rate to meet the different needs of people with determination.
