Record Profit Growth of Private Banks in Egypt for 2024

Private banks in Egypt achieved record profits in 2024, with significant growth driven by increased interest income and operating revenues. Notable banks like Commercial International Bank and Faisal Islamic Bank reported impressive profit increases, solidifying the sector’s strong performance during the year.

In 2024, private banks in Egypt experienced unprecedented growth with record profits, primarily fueled by increases in interest income and operational revenues. Leading the sector, Commercial International Bank (CIB) reported net profits of EGP 55.427 billion, nearly doubling its EGP 28.768 billion profit from 2023, marking an impressive growth of 92.6%.

CIB’s pre-tax profits soared by 91% to EGP 77.4 billion, driven by a substantial rise in net interest income, which reached EGP 90.816 billion, up from EGP 52.746 billion in 2023. Additionally, net fee and commission income rose to EGP 7.065 billion from EGP 5.433 billion.

Faisal Islamic Bank of Egypt also reported significant increases with net profits growing to EGP 11.739 billion from EGP 4.056 billion, a rise of EGP 7.682 billion. Pre-tax profits jumped to EGP 13.6 billion, reflecting a strong upward trend in total revenues, which increased to EGP 30.841 billion from EGP 18.939 billion.

The Housing and Development Bank (HDB) achieved pre-tax profits of EGP 16.855 billion, a notable growth from EGP 9.444 billion in 2023, resulting in an increase of 78.5%. Standalone net profits after tax rose to EGP 11 billion, up from EGP 6 billion, indicating an 83.1% rise.

In 2024, Abu Dhabi Islamic Bank – Egypt (ADIB) posted consolidated pre-tax profits of EGP 12.29 billion, compared to EGP 6.535 billion in 2023. Their net profits increased to EGP 9.015 billion from EGP 4.673 billion, bolstered by a surge in net interest income to EGP 15.252 billion from EGP 8.924 billion.

Suez Canal Bank (SCB) reported pre-tax profits of EGP 7.282 billion in 2024, up from EGP 3.385 billion in 2023, leading to a rise in net profits to EGP 5.681 billion. The bank’s loan and similar revenues reached EGP 18.381 billion, illustrating significant growth in earnings.

Abu Dhabi Commercial Bank – Egypt (ADCB) recorded an increase in pre-tax profits to EGP 6.251 billion from EGP 3.101 billion in 2023. Furthermore, their net profits grew to EGP 4.271 billion, surpassing the previous year’s EGP 2.047 billion, exceeding a growth rate of 100%.

United Bank achieved pre-tax profits of EGP 3.548 billion, representing a 63% increase compared to EGP 2.172 billion in 2023. Their net profits rose to EGP 2.731 billion, up from EGP 1.702 billion, following a growth in interest income to approximately EGP 12.561 billion.

EG Bank noted pre-tax profits of EGP 4.023 billion, reflecting a 68% increase from the previous year. The bank’s net profits reached EGP 2.550 billion, marking a notable 80% growth, supported by a rise in net interest income and fees.

Finally, saib Bank reported a remarkable increase in net profits, reaching EGP 1.74 billion, up from EGP 963 million in 2023, realizing an 81% increase. Their total operating income also rose significantly, indicating effective strategies and performance across various business sectors.

In summary, Egypt’s private banks exhibited impressive profitability in 2024, driven by robust increases in both interest income and operating revenues. Major players, such as the Commercial International Bank and Faisal Islamic Bank, demonstrated exceptional growth, with significant rises in net profits and pre-tax earnings. This growth signals a favorable climate in the banking sector and reflects a thriving economy. The varied increases across different banks suggest a positive trend in the financial industry, supporting future development and investment opportunities.

Original Source: www.dailynewsegypt.com