Dubai – Mubasher: Al Ansari Exchange, a subsidiary of Al Ansari Financial Services, intends to launch 15 new branches across the UAE before the end of 2023, according to a press release.
The expansion plans align with the group’s growth strategy to further boost consumer accessibility in order to reach a network of nearly 300 branches within the next five years amid increasing demands in the UAE market.
Al Ansari Exchange has successfully inaugurated five new branches since the beginning of this year.
Meanwhile, the DFM-listed company obtained the needed regulatory approvals to establish 10 additional branches, which are expected to become operational before the end of the second half (H2) of 2023.
The 15 new branches will cover underserved areas in Abu Dhabi, Dubai, Sharjah, and other cities in the Northern Emirates. This will bring the total number of physical branches to 246.
Rashed Al Ansari, Group CEO of Al Ansari Financial Services, commented: "The opening of 15 new branches this year is aligned with our strategic priority of further cementing our market leadership position in our home market.”
“Ultimately, our goal is to continue unlocking greater value for our shareholders by executing our growth strategy.” Al Ansari added.
Ali Al Najjar, COO of Al Ansari Exchange, noted: "These new branches aim to reach a wider network of customers and provide the same exceptional service our customers have become accustomed to.”
During the first quarter (Q1) of 2023, the group achieved net profits valued at AED 133 million, an annual rise of 7.20% from AED 124.11 million.
Operating income increased by 9.10% to AED 287.02 million in Q1-23 from AED 263.11 million in Q1-22, while the earnings per share (EPS) went up to AED 0.018 from AED 0.017.
