ADIB-Egypt CEO and Managing Director Mohamed Aly ADIB-Egypt, the largest Islamic bank in Egypt by assets, deposits, and credit facilities, plans to invest EGP 1bn in technological infrastructure and digital transformation by 2025, CEO and Managing Director Mohamed Aly announced. This investment supports the bank’s ambitious growth strategy over the next five years, aligning with Egypt’s expanding digital banking sector. Aly cited the bank’s strong Q3 2024 financial results, reporting assets reached EGP 239.3bn, a 47.5% increase from EGP 162.3bn at the end of 2023. “This year’s financial performance across our various products and services reflects strong and comprehensive growth,” he remarked. This growth includes a 36% increase in the retail banking portfolio, rising from EGP 18.3bn in 2023 to EGP 24.9bn in Q3 2024. “We place great importance on the growth of the retail portfolio and are working on ambitious strategic plans to achieve this goal,” Aly added, noting plans to expand products and services to meet diverse customer needs. ADIB-Egypt’s digital expansion includes launching several e-banking services, with plans to expand electronic branches and online banking offerings. The bank has also applied for a digital banking licence from the Central Bank of Egypt (CBE), focusing on innovative […]
Click here to view original web page at www.dailynewsegypt.com
