Record Profits Achieved by Private Banks in Egypt in 2024

Private banks in Egypt exhibited unparalleled profits in 2024, with significant growth traced back to interest income and operational revenues. Leading the sector, Commercial International Bank reported net profits of EGP 55.427 billion, while Faisal Islamic Bank and Housing and Development Bank also demonstrated impressive profit increases. Overall, the trend indicates a robust recovery in the banking sector.

In 2024, private banks in Egypt achieved remarkable profitability, bolstered by enhanced interest income and operational revenues. Commercial International Bank (CIB) topped the sector with a net profit of EGP 55.427 billion, nearly doubling from EGP 28.768 billion the previous year, highlighting a significant growth of 92.6%. Additionally, pre-tax profits reached EGP 77.4 billion, a 91% increase compared to EGP 40.5 billion in 2023, with net interest income rising to EGP 90.816 billion from EGP 52.746 billion.

Faisal Islamic Bank of Egypt reported substantial growth, with net profits rising to EGP 11.739 billion from EGP 4.056 billion, reflecting a 189% increase year-over-year. Pre-tax profits also grew sharply to EGP 13.6 billion, compared to EGP 5.608 billion. Total revenues reached EGP 30.841 billion, showcasing an increase of EGP 11.902 billion from 2023.

The Housing and Development Bank (HDB) experienced an increase in profits with pre-tax figures at EGP 16.855 billion, up from EGP 9.444 billion, marking a 78.5% rise. Standalone net profits after tax increased to EGP 11 billion from EGP 6 billion. The overall interest income also grew substantially to EGP 29.039 billion, a rise of 70.4%.

Abu Dhabi Islamic Bank – Egypt (ADIB) recorded consolidated pre-tax profits of EGP 12.29 billion, escalating from EGP 6.535 billion. Net profits followed suit, reaching EGP 9.015 billion from EGP 4.673 billion, with standalone profits at EGP 8.82 billion. Net interest income increased remarkably to EGP 15.252 billion compared to EGP 8.924 billion.

Suez Canal Bank (SCB) showcased a robust performance with pre-tax profits of EGP 7.282 billion, a notable increase from EGP 3.385 billion in 2023. Net profits also rose significantly to EGP 5.681 billion from EGP 2.293 billion, alongside increased revenues from loans totaling EGP 18.381 billion.

Abu Dhabi Commercial Bank – Egypt (ADCB) reported pre-tax profits of EGP 6.251 billion, doubling its previous year’s figures of EGP 3.101 billion. The net profit reached EGP 4.271 billion, reflecting a growth of over 100%. Notably, net interest income amounted to EGP 8.645 billion, compared to EGP 4.576 billion in 2023.

United Bank recorded pre-tax profits of EGP 3.548 billion, a 63% increase from last year, with net profits rising to EGP 2.731 billion. Interest income rose significantly to EGP 12.561 billion, marking a growth rate of 31%.

EG Bank reported pre-tax profits of EGP 4.023 billion, reflecting a 68% increase, and net profits reached EGP 2.550 billion, growing by 80%.

Saib Bank also achieved notable growth, with net profits increasing 81% to EGP 1.74 billion, while pre-tax profits surged by 60% to EGP 2.54 billion. The bank experienced a 60% increase in net interest income and a 93% rise in net fee and commission income.

Overall, the financial performance of private banks in Egypt during 2024 reflects a robust recovery and growth, driven largely by income from interest and enhanced operational efficiencies.

The substantial profit increases across various private banks in Egypt in 2024 indicate a notable recovery and growth in the banking sector. Noteworthy players such as CIB, Faisal Islamic Bank, and others have demonstrated pronounced profitability through enhanced interest income and strategic operational improvements, setting a positive trend for the future of banking in the region.

Original Source: www.dailynewsegypt.com