In 2024, private banks in Egypt achieved record profits due to enhanced interest income and operational revenues. Notable performers included Commercial International Bank with a 92.6% profit increase, Faisal Islamic Bank with significant revenue growth, and Abu Dhabi Islamic Bank reflecting robust financial health. Overall, the banking sector shows encouraging profitability trends, indicating a strong market position for the future.
Private banks in Egypt have achieved remarkable profits in 2024, attributed to a significant increase in interest income and overall operating revenues. Leading this growth, Commercial International Bank (CIB) recorded net profits of EGP 55.427 billion, representing a striking 92.6% increase from EGP 28.768 billion in 2023. Pre-tax profits also escalated by 91% to EGP 77.4 billion, while net interest income rose to EGP 90.816 billion, up from EGP 52.746 billion the previous year.
Faisal Islamic Bank of Egypt reported net profits of EGP 11.739 billion in 2024, a substantial increase from EGP 4.056 billion in 2023. This translated into a pre-tax profit increase to EGP 13.6 billion, significantly outperforming the prior year’s EGP 5.608 billion. Total revenues soared to EGP 30.841 billion compared to EGP 18.939 billion a year earlier, marking notable growth in profitability.
The Housing and Development Bank (HDB) saw pre-tax profits increase to EGP 16.855 billion in 2024, compared to EGP 9.444 billion in 2023, indicating a growth of 78.5%. Similarly, net profits after tax rose to EGP 11 billion from EGP 6 billion. With net operating revenues climbing 67.6% to EGP 20.5 billion, the bank’s overall performance is commendable in the financial sector.
Abu Dhabi Islamic Bank – Egypt (ADIB) reported consolidated pre-tax profits of EGP 12.29 billion in 2024, up from EGP 6.535 billion in 2023. Net profits increased to EGP 9.015 billion, rising significantly from EGP 4.673 billion. Notably, net interest income surged to EGP 15.252 billion, reflecting substantial growth in banking operations and profitability.
The Suez Canal Bank (SCB) achieved pre-tax profits of EGP 7.282 billion in 2024, a notable increase from EGP 3.385 billion the previous year. Net profits also climbed to EGP 5.681 billion, illustrating an upward trend in financial performance. This bank recorded approximately EGP 18.381 billion in loan revenues, significantly higher than the EGP 9.882 billion reported in 2023.
Abu Dhabi Commercial Bank – Egypt (ADCB) exhibited a rise in pre-tax profits to EGP 6.251 billion from EGP 3.101 billion, reflecting robust growth in its financials. Net profits after tax also surpassed previous figures, soaring to EGP 4.271 billion from EGP 2.047 billion. The bank achieved a noteworthy increase in net interest income, which reached approximately EGP 8.645 billion.
The United Bank reported pre-tax profits of EGP 3.548 billion in 2024, a substantial increase from EGP 2.172 billion in 2023, indicating a 63% rise. Similarly, net profits increased to EGP 2.731 billion, driven by a growth in interest income to EGP 12.561 billion. The net interest margin further expanded significantly, showcasing a robust performance in banking operations.
EG Bank reported a pre-tax profit of EGP 4.023 billion in 2024, reflecting a notable increase of 68% from 2023. Net profits reached EGP 2.550 billion, marking an 80% growth rate. The bank’s net interest income also saw significant growth, demonstrating its solidified position in the market.
Saib Bank achieved an 81% increase in net profits, reaching EGP 1.74 billion in 2024. Pre-tax profits surged by 60% to EGP 2.54 billion, indicating robust financial health. The bank’s interest income and net fee income contributed to the overall positive performance achieved in the year.
In conclusion, private banks in Egypt have reported unprecedented profit levels in 2024, driven by an increase in interest income and operational revenues. Leading institutions such as Commercial International Bank and Faisal Islamic Bank have shown remarkable growth, with other banks like HDB, ADIB, and ADCB also demonstrating significant profitability improvements. This surge reflects a healthy and thriving banking sector in the Egyptian market, indicating positive trends for future financial stability.
Original Source: www.dailynewsegypt.com
