In 2024, private banks in Egypt reported record profits due to substantial growth in interest income and operating revenues. Key players such as the Commercial International Bank and Faisal Islamic Bank showcased remarkable profit increases, highlighting an overall positive trend in the banking sector’s financial performance.
In 2024, private banks in Egypt achieved record profits, largely attributed to significant increases in interest income and operating revenues.
The Commercial International Bank (CIB) topped the sector with net profits reaching EGP 55.427 billion, a staggering 92.6% increase from EGP 28.768 billion in 2023. Pre-tax profits also saw remarkable growth, rising to EGP 77.4 billion from EGP 40.5 billion. Moreover, net interest income climbed to EGP 90.816 billion, up from EGP 52.746 billion.
Faisal Islamic Bank of Egypt reported net profits of EGP 11.739 billion, a substantial rise from EGP 4.056 billion the prior year. Pre-tax profits increased to EGP 13.6 billion, up from EGP 5.608 billion. Total revenues soared to EGP 30.841 billion, representing a notable increase from EGP 18.939 billion in 2023.
The Housing and Development Bank (HDB) demonstrated impressive earnings, with pre-tax profits rising to EGP 16.855 billion, compared to EGP 9.444 billion in 2023. Similarly, standalone net profits surged to EGP 11 billion from EGP 6 billion. Their net operating revenues also climbed 67.6% to EGP 20.5 billion.
Abu Dhabi Islamic Bank – Egypt (ADIB) reported significant growth, with consolidated pre-tax profits reaching EGP 12.29 billion, up from EGP 6.535 billion in 2023. Net profits increased to EGP 9.015 billion, and net interest income rose to EGP 15.252 billion, demonstrating a strong performance in both major income areas.
Suez Canal Bank (SCB) recorded pre-tax profits of EGP 7.282 billion in 2024, a rise from EGP 3.385 billion in the previous year. Their net profits climbed to EGP 5.681 billion, with loan-related revenues totaling EGP 18.381 billion. Additionally, deposit costs also increased to EGP 12.840 billion.
Abu Dhabi Commercial Bank – Egypt (ADCB) reported a growth in pre-tax profits, reaching EGP 6.251 billion, up from EGP 3.101 billion in 2023. Their net profits after tax increased to EGP 4.271 billion, reflecting substantial growth of over 100%. Net interest income totaled approximately EGP 8.645 billion, showcasing the bank’s effective income generation.
The United Bank achieved pre-tax profits reaching EGP 3.548 billion, an increase from EGP 2.172 billion in 2023. Their net profits grew to EGP 2.731 billion, with interest income standing at approximately EGP 12.561 billion. The bank’s net interest margin expanded significantly, indicating stronger profitability in lending activities.
EG Bank posted pre-tax profits of EGP 4.023 billion, reflecting a 68% increase compared to last year, with net profits at EGP 2.550 billion. The bank’s net interest income rose by 67%, further highlighting its financial growth and revenue diversification.
saib Bank showcased impressive financial development, with an 81% increase in net profits to EGP 1.74 billion, up from EGP 963 million in 2023. Additionally, net interest income grew by 60% to EGP 7.09 billion, primarily supported by an expansion in their loan portfolio, demonstrating a well-executed business strategy.
2024 has been a remarkable year for Egypt’s private banking sector, marked by unprecedented profit increases across several major banks. The Commercial International Bank led the way, demonstrating significant growth in both net profits and interest income. Overall, all banks showcased strong financial performance, underpinned by rising interest income and effective revenue generation strategies. Such positive results reflect the resilience and adaptation of the banking sector amidst changing economic conditions.
Original Source: www.dailynewsegypt.com
