Banque Misr has posted pre-tax profits of EGP 93.345bn for the first nine months of 2024, marking a significant increase from EGP 59.305bn in the same period last year.
According to the bank’s financial report, net profits after taxes reached EGP 60.457bn in September 2024, up from EGP 39.240bn in the previous year.
The bank’s net income from returns saw a notable increase, reaching EGP 109.786bn in September 2024, compared to EGP 77.794bn in September 2023. Similarly, net income from fees and commissions rose to EGP 16.675bn, up from EGP 10.439bn in the same period.
As of September 2024, Banque Misr’s total assets surged to EGP 3.444trn, a substantial rise from EGP 2.551trn at the end of 2023. Customer deposits also experienced a sharp increase, reaching EGP 2.336trn compared to EGP 1.874trn in December 2023. Furthermore, customer loans and facilities grew to EGP 1.184trn, up from EGP 911.941bn.
The bank’s equity expanded to EGP 306.8bn in September 2024, compared to EGP 198.06bn in December 2023. Banque Misr’s investments in subsidiaries and affiliates also increased, reaching EGP 57.045bn compared to EGP 51.166bn.
Additionally, the syndicated loan portfolio rose by EGP 32.9bn to EGP 371.444bn in September 2024, compared to EGP 338.539bn in the same period last year.
The direct loan portfolio for institutions saw a remarkable rise to EGP 514.936bn, compared to EGP 341.841bn in 2023. Credit card balances also increased to EGP 9.296bn from EGP 6.311bn.
Banque Misr’s financial report also highlighted the growth of its loan portfolios. The bank’s loan balances stood at approximately EGP 98.661bn, compared to EGP 86.397bn in 2023. The mortgage finance portfolio expanded to EGP 20.060bn, up from EGP 17.922bn. Additionally, the retail banking portfolio grew to EGP 131.524bn, compared to EGP 115.055bn in the previous year.
Finally, Banque Misr reported a significant jump in savings certificates, which reached EGP 1.181trn in September 2024, compared to EGP 946.102bn in 2023. Demand deposits increased to EGP 481.991bn, up from EGP 356.410bn, while savings deposits grew to EGP 256.870bn, compared to EGP 229.309bn last year.
