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Country Awards for Excellence 2021: Middle East



Best Bank: Ahli United Bank

Best Investment Bank: Sico Bank

When Covid hit in early 2020, Ahli United Bank and its group chief executive Adel El-Labban stepped up. The bank worked with struggling clients in the eight regional states in which it operates and, true to its reputation as a conservative lender, ratcheted up provisioning to offset losses.

It worked. Net profit dipped 38.1% year on year to $452 million, but neither its cost-to-income ratio, which stayed below 30%, nor its capital adequacy ratio, at 16.1%, moved much in 2020. The bank says what hurt it most weren’t the losses it incurred but its provisioning levels.


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