A total of 13 banks working in the Egyptian market reported net profits of EGP 21.778bn during the first half (1H) of 2022.
The results were reported in a survey conducted by Daily News Egypt on the performance indicators of banks operating in the local market.
According to the survey, Commercial International Bank – Egypt (CIB) topped those banks with a net profit of EGP 7.773bn, while QNB Alahli ranked second by EGP 4.754bn. Faisal Islamic Bank – Egypt came third by EGP 1.747bn, while Housing and Development Bank (HDB) ranked fourth by EGP 1.303bn.
Six banks barely exceeded EGP 1bn in net profits, including Credit Agricole Egypt by EGP 1.018bn, and Abu Dhabi Islamic Bank by EGP 1.016bn.
Commercial International Bank
The CIB achieved a net profit of EGP 7.773bn during 1H 2022, compared to EGP 6.077bn in 1H 2021. The bank’s profits before tax (PBT) amounted to EGP 11.415bn in 1H 2022, compared to EGP 8.648bn in 1H 2021.
The return on loans and similar revenues amounted to EGP 24.2bn in June 2022, compared to EGP 20.9bn in June 2021, while the net income from return recorded EGP 13.6bn, compared to EGP 11.6bn.
QNB Alahli
QNB Alahli achieved consolidated net profits of EGP 4.754bn in 1H 2022, compared to EGP 4.098bn in 1H 2021. The bank’s PBT recorded EGP 6.935bn in 1H 2022, compared to EGP 5.781bn in 1H 2021.
The return on loans and similar revenues amounted to EGP 19.236bn in June 2022, compared to EGP 15.141bn in June 2021, while deposits amounted to EGP 10.325bn.
The net income from return, fees, and commissions amounted to about EGP 10.052bn in June 2022, compared to EGP 8.356bn in June 2021.
Mohamed Bedir, CEO of the bank, said that the distinguished performance of the bank in terms of growth and profitability, which was achieved despite the repercussions of the global economic conditions, reflects the efficiency and flexibility of the policies and executive procedures, which helped the bank develop operations, overcome challenges, address strong competition in the markets, and utilize the opportunities available.
Faisal Islamic Bank – Egypt
Faisal Islamic Bank – Egypt achieved a net profit of EGP 1.747bn in June 2022, compared to EGP 1.015bn in June 2021, an increase of 72.1%, while the bank’s PBT recorded EGP 2.502bn, compared to EGP 1.809bn, an increase of 38.3%.
The bank’s independent income statements revealed an increase in revenues to record EGP 6.891bn in June 2022, compared to EGP 5.223bn in June 2021, an increase of 31.9%, while the bank’s total profit fell by 11.9% to EGP 2.221bn, compared to EGP 2.520bn.
Housing and Development Bank
Housing and Development Bank (HDB) achieved consolidated net profits after taxes of EGP 1.303bn in June 2022, compared to EGP 1.004bn in June 2021, an increase of 29.9%, while the bank’s PBT amounted to EGP 1.819bn in June 2022, compared to EGP 1.479bn in June. 2021, up 22.9%.
Interest income scored about EGP 4.379bn in 1H 2022, compared to EGP 3.316bn in June 2021, an increase of 32.1%, while interest expenses amounted to EGP 2.284bn, compared to EGP 1.700bn, an increase of 34.4%, bringing the interest margin to interest income. 47.8%, compared to 48.7%.
Hassan Ghanem, Chairperson and Managing Director of the bank, expressed his happiness with the bank’s exceptional performance and positive financial indicators during 1H 2022, which was a culmination of the efforts made to implement the development strategy adopted by the bank, making it one of the largest integrated commercial banks in the Egyptian banking market.
He explained that the bank has achieved remarkable progress in its performance thanks to its success in implementing its ambitious plans for expansion and growth. It was able to do that through developing activities and services provided to individuals and companies and finance SMEs, all of which had a positive impact on the results achieved by the bank during 1H 2022.
Ghanem also expressed the administration’s pride in the HDB’s ability to achieve the highest annual returns on assets and equity at the level of Egyptian banks, with rates of 2.6% and 25.4%, respectively, which is a testament to the bank’s financial position.
He stressed that the strong performance achieved by the bank during 1H this year confirms the efficiency of the development strategy adopted by the bank.
He pointed out that achieving the bank’s strategic objectives and benefiting from its position in the Egyptian banking sector will enable the bank to achieve its goals and instill its position as one of the leading banks in Egypt.
Credit Agricole Egypt
Credit Agricole Egypt achieved net profits of EGP 1.018bn in June 2022, compared to EGP 764.373m, a growth of 30.82%, while the bank’s profit before tax amounted to EGP 1.388bn, compared to EGP 1.089bn, a growth of 27.4%.
The bank’s interest income recorded EGP 2.795bn in June 2022, compared to EGP 2.547bn in June 2021.
Abu Dhabi Islamic Bank – Egypt
Abu Dhabi Islamic Bank achieved consolidated net profits after tax of EGP 1.016bn in June 2022, compared to EGP 680.157m in June 2021, an increase of 49.5%. The bank’s PBT amounted to EGP 1.583bn, compared to EGP 1.051bn, an increase of 50.5 %.
The return on Murabaha, speculation, partnerships amounted to about EGP 4.859bn in June 2022, compared to EGP 3.861bn in June 2021, an increase of 25.9%, while the costs of deposits amounted to EGP 2.713bn, compared to EGP 2.162bn, an increase of 25.5%.
The net income from the return on Murabaha, speculation, and partnership recorded 44.2%, compared to 44% in June 2021.
Ahli United Bank Egypt
Ahli United Bank – Egypt (AUB) achieved a net profit of EGP 916m during 1H 2022, compared to EGP 587m during 1H 2021, a growth of 56%.
The return on equity at the bank increased to 19.5% in June 2022, compared to 14% in June 2022.
Hala Sadek, CEO and board member of AUB Egypt, said that achieving strong business results during 1H this year reflects the success of the bank’s expansion strategy, which is in line with the future economic vision of the Egyptian state.
She pointed out that the boom in the bank’s business results was the result of the growth in operating revenues in light of the diverse banking services and products offered to customers, which was evident in the growth in the volume of the loan and deposit portfolios.
Al Ahli Bank of Kuwait – Egypt
Al Ahli Bank of Kuwait – Egypt (ABK) achieved a net profit of EGP 887m in June 2022, compared to EGP 396m in June 2021, while the bank’s net income increased by 27% to EGP 1.3bn, compared to EGP 1bn.
Ali Marafie, Chairperson of the bank, said that this outstanding performance constitutes a clear indication of the strength and flexibility of the Bank’s strategy and cautious approach, which enabled the Bank to achieve this success despite the prevailing economic conditions.
Khaled El-Salawi, CEO and Managing Director of the bank, said that the year 2022 witnessed an intense focus from the bank’s management to continue its march to achieve excellence on all financial indicators, in order to ensure sustainability and enhance the bank’s position and leadership as one of the fastest growing banks in the Egyptian banking sector.
Al Baraka Bank
Al Baraka Bank Egypt achieved a net profit of EGP 783.1m in June 2022, compared to EGP 620.6m in June 2021, with a growth rate of 26.2%, while the bank’s PBT amounted to EGP 1.15bn.
Net operating profits increased by 12.4% to reach EGP 1.33bn in June 2022, compared to EGP 1.18bn in June 2021, while the net return increased by 18.9%, reaching EGP 1.60bn, compared to EGP 1.38bn.
Hazem Hegazy, CEO and Deputy Chairperson of the bank, said that the business results confirm the strength of the bank’s financial position, and that the growth rates that have been achieved were the result of the ambitious strategy pursued by the bank, which focuses on diversifying services, providing distinctive banking products to customers, supporting small and medium enterprises, and financial inclusion plans, in addition to contributing strongly to achieving digital transformation through the development of technological infrastructure and focus on internet banking.
Export Development Bank of Egypt
The Export Development Bank of Egypt (EBank) achieved a net profit of EGP 605.522m in June 2022, compared to EGP 248.038m in June 2021, while the bank’s PBT amounted to EGP 895.11m, compared to EGP 422.974m.
The return on loans and similar revenues at the bank recorded about EGP 3.466bn in June 2022, compared to EGP 2.725bn in June 2021, while the net income from return amounted to EGP 1.228bn, compared to EGP 871.283m.
The bank’s net income from fees and commissions recorded about EGP 192.972m in June 2022, compared to EGP 167.652m in June 2021.
EG Bank
EG Bank achieved a net profit of EGP 406.6m in June 2022, compared to EGP 320.2m in June 2021, with a growth rate of 27%, while the bank’s PBT increased to EGP 764.5m, compared to EGP 695.3m, an increase of 10%.
saib
In the 12th place, saib achieved a net profit of $16m (EGP 300.8m), with the American currency valued at EGP 18.80 per dollar at the time of closing the budget in June 2022, recording a growth of 79% from $8.95m in June 2021.
The bank’s net income from revenue amounted to $66.9m, compared to $66.4m, while the net income from fees and commissions increased by 25% to reach $10.9m, compared to $8.7m. The net trading income increased by 125%, affected by the increase in foreign exchange and trading in debt instruments, amounting to $7.53m, compared to $3.34m.
Suez Canal Bank
Suez Canal Bank achieved a net profit of EGP 268m in June 2022, compared to EGP 241m in June 2021, with a growth rate of 11%.
The bank achieved an increase in net income from interest and fees by 13%, reaching up to EGP 993m in June 2022, compared to EGP 878m in June 2021, including an increase in returns, fees, and commissions by 46%, reaching EGP 167m, compared to EGP 115m.
