Private banks in Egypt reported record profits in 2024, owing to substantial growth in interest income and operational revenues. Commercial International Bank led with EGP 55.427 billion in net profits, showcasing a 92.6% rise from the previous year. Other banks, including Faisal Islamic Bank and HDB, also demonstrated significant earnings growth, emphasizing a prosperous banking environment.
In 2024, private banks in Egypt achieved remarkable profits, fueled by significant increases in interest earnings and operating revenues. The Commercial International Bank (CIB) led with net profits of EGP 55.427 billion, marking a 92.6% growth from EGP 28.768 billion in 2023. Pre-tax profits also rose dramatically, reaching EGP 77.4 billion, compared to the previous year’s EGP 40.5 billion. CIB’s net interest income soared to EGP 90.816 billion and net fees grew to EGP 7.065 billion.
Faisal Islamic Bank of Egypt reported a net profit of EGP 11.739 billion in 2024, up sharply from EGP 4.056 billion in 2023, reflecting an increase of 189.7%. Pre-tax profits rose to EGP 13.6 billion compared to EGP 5.608 billion the year before. Revenues also saw a remarkable surge, climbing to EGP 30.841 billion from EGP 18.939 billion.
The Housing and Development Bank (HDB) recorded pre-tax profits of EGP 16.855 billion, marking a substantial 78.5% increase from EGP 9.444 billion the previous year. Standalone net profits rose significantly to EGP 11 billion, up from EGP 6 billion. Additionally, net operating revenues increased to EGP 20.5 billion, driven by a 70.4% rise in interest income, totaling EGP 29.039 billion.
Abu Dhabi Islamic Bank – Egypt (ADIB) exhibited strong growth, with consolidated pre-tax profits of EGP 12.29 billion, increasing from EGP 6.535 billion in 2023. Net profits climbed to EGP 9.015 billion from EGP 4.673 billion. Their net interest income surged to EGP 15.252 billion, significantly up from EGP 8.924 billion.
Suez Canal Bank (SCB) recorded pre-tax profits of EGP 7.282 billion, a notable rise from EGP 3.385 billion in the previous year, while net profits reached EGP 5.681 billion. Loan-related revenues totaled approximately EGP 18.381 billion, increasing significantly from EGP 9.882 billion.
Abu Dhabi Commercial Bank – Egypt (ADCB) confirmed pre-tax profits amounting to EGP 6.251 billion in 2024, up from EGP 3.101 billion the prior year. Net profits after tax also surged to EGP 4.271 billion from EGP 2.047 billion. Their net interest income reached approximately EGP 8.645 billion, compared to EGP 4.576 billion in 2023.
The United Bank reported pre-tax profits of EGP 3.548 billion, compared to EGP 2.172 billion in 2023, reflecting a 63% increase. Net profits grew to EGP 2.731 billion, significantly up from EGP 1.702 billion. This growth was supported by an increase in interest income to EGP 12.561 billion, up from EGP 9.562 billion.
EG Bank achieved pre-tax profits of EGP 4.023 billion, a 68% increase from last year, while net profits climbed to EGP 2.550 billion, a growth of 80%. Correspondingly, net interest income rose to EGP 6.083 billion, marking a 67% increase.
Saib Bank’s net profits rose by 81% to EGP 1.74 billion in 2024, up from EGP 963 million in 2023. Pre-tax profits increased by 60% to EGP 2.54 billion, while net interest income grew to EGP 7.09 billion, supported by growth in the loan portfolio across various sectors.
The year 2024 witnessed exceptional profitability for Egypt’s private banks, highlighted by outstanding performances from key players such as CIB, Faisal Islamic Bank, and HDB. Increased interest income and operational revenues were pivotal in driving these profits. The robust growth rates reflect a thriving banking sector poised for continued success.
Original Source: www.dailynewsegypt.com
