In 2024, private banks in Egypt achieved record profits, primarily driven by growth in interest income and operating revenues. Top performers included Commercial International Bank, Faisal Islamic Bank, and others, all showcasing significant increases in net profits and revenues compared to 2023.
In 2024, private banks in Egypt achieved remarkable profits, primarily fueled by significant increases in interest income and overall operating revenues. The Commercial International Bank (CIB) led the sector with net profits of EGP 55.427 billion, more than doubling from EGP 28.768 billion in 2023, denoting a 92.6% growth. Its pre-tax profits escalated to EGP 77.4 billion, demonstrating a 91% rise from EGP 40.5 billion. CIB’s net interest income also rose to EGP 90.816 billion, showing a substantial increase from EGP 52.746 billion the previous year.
Faisal Islamic Bank of Egypt reported net profits of EGP 11.739 billion in 2024, escalating from EGP 4.056 billion in 2023—an increase of EGP 7.682 billion. The bank also noted a tremendous rise in pre-tax profits, reaching EGP 13.6 billion compared to EGP 5.608 billion in 2023. Total revenues for Faisal Islamic Bank soared to EGP 30.841 billion by the end of 2024, up from EGP 18.939 billion in 2023.
The Housing and Development Bank (HDB) disclosed pre-tax and provisions profits of EGP 16.855 billion in 2024, a considerable surge from EGP 9.444 billion in the previous year, reflecting a 78.5% increase. The standalone net profits after tax rose to EGP 11 billion from EGP 6 billion, marking an 83.1% growth. HDB also reported a 70.4% increase in interest income, reaching EGP 29.039 billion as opposed to EGP 17.043 billion.
Abu Dhabi Islamic Bank – Egypt (ADIB) declared consolidated pre-tax profits of EGP 12.29 billion, increasing from EGP 6.535 billion in 2023. The bank’s consolidated net profits rose to EGP 9.015 billion from EGP 4.673 billion. Their net interest income also experienced substantial growth to EGP 15.252 billion, up from EGP 8.924 billion the prior year.
Suez Canal Bank (SCB) posted pre-tax profits of EGP 7.282 billion for 2024, up from EGP 3.385 billion in 2023. The net profits climbed significantly to EGP 5.681 billion from EGP 2.293 billion. With loan revenues totaling approximately EGP 18.381 billion, SCB experienced substantial interest income growth.
Abu Dhabi Commercial Bank – Egypt (ADCB) recorded pre-tax profits of EGP 6.251 billion in 2024, which rose from EGP 3.101 billion in 2023. Net profits after tax reached EGP 4.271 billion, which more than doubled from EGP 2.047 billion. The bank’s net interest income increased to approximately EGP 8.645 billion compared to EGP 4.576 billion in the last fiscal year.
United Bank reported pre-tax profits of EGP 3.548 billion in 2024, a 63% increase from EGP 2.172 billion in 2023. Its net profits grew to EGP 2.731 billion, up from EGP 1.702 billion, which represents a 60% rise. The interest income also climbed to EGP 12.561 billion, indicating a 31% growth.
EG Bank delivered pre-tax profits of EGP 4.023 billion in 2024, reflecting a 68% increase compared to the previous year’s profits. Their net profits amounted to EGP 2.550 billion, representing an 80% growth rate from last year. Additionally, their net interest income rose significantly to EGP 6.083 billion.
Saib Bank achieved an impressive 81% increase in net profits for 2024, totaling EGP 1.74 billion, a significant rise from EGP 963 million in 2023. Pre-tax profits surged to EGP 2.54 billion, reflecting a notable return on investment for the bank. Net interest income for Saib Bank grew by 60%, highlighting effective management of their loan portfolio across various sectors.
In summary, Egyptian private banks reported record profits in 2024, driven largely by increased interest income and operating revenues. Key players such as Commercial International Bank and Faisal Islamic Bank led these gains with substantial profitability. This performance showcases the banks’ strong operational strategies and growth potential within the Egyptian financial sector.
Original Source: www.dailynewsegypt.com
