In 2024, Egyptian private banks recorded remarkable profits, largely attributed to significant growth in interest income. The Commercial International Bank led with net profits of EGP 55.427 billion, followed by Faisal Islamic Bank and the Housing and Development Bank, which also reported substantial increases in earnings. Overall, the sector showcased a robust performance, indicating a promising financial landscape ahead.
In 2024, Egypt’s private banks reported extraordinary profits, propelled by notable increases in interest income and operating revenues. The Commercial International Bank (CIB) emerged as the leader, achieving net profits of EGP 55.427 billion, nearly doubling its profits from EGP 28.768 billion in 2023. This 92.6% growth reflects a pre-tax profit surge to EGP 77.4 billion, nearly double the previous year’s EGP 40.5 billion.
Faisal Islamic Bank of Egypt also saw remarkable growth, with net profits climbing to EGP 11.739 billion in 2024, significantly up from EGP 4.056 billion in 2023. The bank’s pre-tax profits reached EGP 13.6 billion, representing a substantial increase. Additionally, total revenues soared to EGP 30.841 billion this year, compared to the prior year’s EGP 18.939 billion.
The Housing and Development Bank (HDB) reported a 78.5% rise in pre-tax profits to EGP 16.855 billion, while standalone net profits after tax rose to EGP 11 billion, an 83.1% increase from the previous year. Net operating revenues also reflected encouraging growth, increasing by 67.6% to EGP 20.5 billion.
Abu Dhabi Islamic Bank – Egypt (ADIB) recorded a solid rise in pre-tax profits to EGP 12.29 billion, significantly up from EGP 6.535 billion in 2023. The net profits escalated to EGP 9.015 billion, and net interest income surged to EGP 15.252 billion, illustrating the bank’s robust financial performance.
Suez Canal Bank (SCB) achieved pre-tax profits of EGP 7.282 billion, an increase from EGP 3.385 billion in 2023, with net profits climbing to EGP 5.681 billion. Loan revenues also saw substantial growth, totaling EGP 18.381 billion by year-end.
Abu Dhabi Commercial Bank – Egypt (ADCB) reported pre-tax profits of EGP 6.251 billion, a significant increase from EGP 3.101 billion in 2023. Additionally, its net profits rose to EGP 4.271 billion, reflecting a growth rate exceeding 100%.
United Bank achieved pre-tax profits of EGP 3.548 billion, marking a 63% increase, with net profits growing by 60% to EGP 2.731 billion. Interest income reached a notable EGP 12.561 billion, indicating strong profitability within the banking sector.
EG Bank noted a 68% rise in pre-tax profits, reaching EGP 4.023 billion, with net profits at EGP 2.550 billion. The bank also highlighted a notable increase in net interest income, which rose by 67%.
Saib Bank achieved a remarkable 81% increase in net profits, totaling EGP 1.74 billion, with pre-tax profits rising by 60% to EGP 2.54 billion. The bank’s net interest income experienced a solid growth of 60%, supported by an expanded loan and credit portfolio.
Private banks in Egypt have demonstrated stellar growth in 2024, with major institutions reporting significant increases in profits due to rising interest income and operational efficiencies. The Commercial International Bank notably stands out for its impressive growth rates, while other banks like Faisal Islamic Bank and HDB also report substantial financial improvements. This trend suggests a robust banking sector poised for continued performance enhancement.
Original Source: www.dailynewsegypt.com
