A total of 12 banks working in the Egyptian market have reported net profits of EGP 6.495bn during the first quarter (Q1) of this year, which ended on 31 March 2021.
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) accounted for 44.277% of the total profits, recording EGP 2.876bn. Meanwhile, the Housing and Development Bank (HDB) came in second with a net profit of EGP 620m, and BLOM Bank Egypt came in last, with a net profit of EGP 84.476m.
While some banks began to recover from the repercussions of the novel coronavirus (COVID-19) pandemic, others remained strained by the crisis, which was evident in their business indicators.
Commercial International Bank
CIB achieved a net profit of EGP 2.876bn in March 2021, compared to EGP 2.391bn in March 2020.
The bank’s financial statements revealed that it achieved profits before income taxes of EGP 4.091bn in March 2021. This compared to the EGP 3.648bn it reported in March 2020.
Its loan return and similar revenues recorded about EGP 10.120bn, compared to EGP 10.687bn. Meanwhile, the cost of deposits and similar costs fell to EGP 4.44bn, compared to EGP 4.491bn.
According to the lists, the net income from the return amounted to about EGP 5.676bn in March 2021, compared to EGP 6.195bn in March 2020. CIB’s net income from fees and commissions recorded about EGP 510.5m, compared to EGP 499.8m.
Housing and Development Bank
The business results for HDB for the financial period covering Q1 of 2021 revealed that total profits before taxes amounted to EGP 862m, an increase of 13.7%. Meanwhile, the bank reported net profit after taxes amounted to EGP 620m.
The bank’s business results revealed that it achieved a remarkable growth in total assets that supported the growth of operating revenues. Total assets increased by the end of Q1 of 2021 to reach EGP 63.3bn, reflecting a growth rate of 8.6% compared to 2020.
The net income from the returns amounted to EGP 818m in Q1 of 2021, compared to EGP 635m, an increase of EGP 183m or 28.8%. This is seen in an increase in the return on loans and similar revenues by 8.6%, and a decrease in the cost of deposits and similar costs by 6.3%. It is also reflected in a growth in dividends that amounted to EGP 124m, with an increase of 43%.
This reflects the development of the profits of subsidiaries and sister companies, as well as the growth in the profits of the bank’s housing projects, which amounted to EGP 114m, an increase of 27%.
The return on equity (including net profit for the period) reached 7.9% for Q1 of 2021, and the return on assets was 1% for the same period. Net loans to deposits amounted to 39% compared to 41% over the previous year.
Hassan Ghanem, Chairperson and Managing Director at HDB, said that these achieved results were the result of developing a clear strategy through which the bank seeks to be at the forefront of commercial banks.
They also come in implementation of the plan to develop banking services and products. The past period has witnessed a remarkable development in the provision of all competitive banking services and products that suit the needs of all segments of customers.
He pointed out that these results came after the required precautionary reinforcements by the Central Bank of Egypt (CBE) for credit allocations to customers in light of a challenging operating environment. It is also a continuation of the conservative policy pursued by the bank since the beginning of the pandemic.
AlexBank
AlexBank reported profits before taxes of about EGP 804.552m in March 2021, compared to EGP 1.074bn in March 2020.
The bank achieved a net profit of EGP 538.743m in Q1 of 2021, compared to EGP 860.802m in March 2020, according to the financial statements.
The bank’s income tax expenses recorded about EGP 265.809m in March 2021, compared to EGP 213.699m in March 2020.
The return on loans and similar revenues amounted to about EGP 2.580bn in March 2021, compared to EGP 3.007bn in March 2020.
Faisal Islamic Bank
The Faisal Islamic Bank achieved a net profit of EGP 537.565m in March 2021, compared to EGP 469.023m in March 2020.
The bank’s financial statements revealed that it achieved profits before income taxes worth EGP 940.994m in March 2021, compared to EGP 594.774m in March 2020.
The return on participation, cost-plus financing (murabaha), speculations, and similar revenues recorded about EGP 2.465bn in March 2021. This compared to EGP 2.186bn in March 2020.
The net income from returns amounted to about EGP 1.255bn in March 2021, compared to EGP 950.36m in March 2020.
National Bank of Kuwait
The National Bank of Kuwait (NBK) Egypt achieved pre-tax profits of EGP 570.531m in March 2021, compared to EGP 577.549m in March 2020.
The bank’s financial statements revealed that it achieved a net profit of EGP 404.116m in March 2021, compared to EGP 402.764m in March 2020.
In the same time period, the return on loans and similar revenues recorded about EGP 1.354bn, compared to EGP 1.667bn in 2020. Meanwhile, the net income from returns amounted to about EGP 662.907m in March 2021, compared to EGP 728.556m in March 2020.
Crédit Agricole
The total profits reported by Crédit Agricole – Egypt fell to EGP 539.893m in March 2021, compared to EGP 596.806m in March 2020.
The bank’s net profit amounted to about EGP 372.7m in March 2021 compared to EGP 443.848m in March 2020.
The return on loans and similar revenues amounted to about EGP 1.247bn in March 2021, compared to EGP 1.358bn in March 2020. The net income from the return amounted to EGP 697.3m in March 2021, compared to EGP 746.9m in March 2020.
Abu Dhabi Islamic Bank
Abu Dhabi Islamic Bank Egypt (ADIB) achieved a net profit of EGP 318.369m during Q1 of 2021, compared to EGP 228.049m during Q1 of 2020.
The banks financial statements revealed that its net profit before taxes (NPBT) amounted to EGP 504.051m in March 2021. This compared to EGP 364.457m in the same month of 2020.
The banks income tax expenses amounted to about EGP 185.682m in March 2021, compared to EGP 136.408m in March 2020.
The return on murabaha, musharakah, speculation and similar income amounted to about EGP 1.856bn in March 2021, compared to EGP 1.802bn in March 2020.
The bank achieved net revenue from funds (NRFF) of EGP 812.721m in March 2021, compared to EGP 821.184m in March 2020.
Al Baraka Bank
Al Baraka Islamic Bank – Egypt achieved a net profit of EGP 268.089m in March 2021, compared to EGP 260.391m in March 2020.
The bank’s financial statements revealed that it achieved total profits of EGP 418.136m in March, compared to EGP 399.246m in profits in March 2020.
The return on murabaha, musharaka, and mudaraba recorded about EGP 1.802bn in March 2021, compared to EGP 1.984bn in March 2020.
The net income from the return amounted to about EGP 633.183m in March 2021, compared to EGP 557.632m in March 2020.
Emirates NBD
Emirates NBD’s net profit fell to EGP 201.904m in March 2021, compared to EGP 326.013m in March 2020.
Total profits before taxes decreased by about EGP 319.829m in Q1 of 2021, compared to EGP 463.972m in March 2020, according to the bank’s financial statements.
Income tax expenses recorded about EGP 117.925m in March 2021, compared to EGP 137.959m during the same period in 2020.
The return on loans and similar revenues amounted to about EGP 1.533bn in March 2021, compared to EGP 1.581bn in March 2020. In the same time comparison period, the cost of deposits and similar costs decreased to about EGP 735.138m in March, compared to EGP 818.971m in 2020.
The net income from the return recorded EGP 798.404m in March 2021, compared to EGP 762.982m in March 2020.
The net income from fees and commissions amounted to about EGP 136.172m in March 2021, compared to EGP 146.461m in March 2020.
EG Bank
EG Bank achieved consolidated net profits after taxes of EGP 157.7m in March 2021, compared to EGP 156.4m in March 2020.
The bank’s financial statements revealed that the total profits amounted to EGP 323.5m in Q1 of 2021, compared to EGP 248.3m in March 2020.
The return on loans and similar revenues recorded about EGP 1.795bn in March 2021, compared to EGP 1.917bn in March 2020.
The net income from the return amounted to about EGP 663.6m in March 2021, compared to EGP 611.045m in March 2020.
The cost of deposits and similar costs recorded about EGP 1.13bn in Q1 of 2021, compared to EGP 1.306bn in the same period of 2020.
Suez Canal Bank
The Suez Canal Bank (SCB) achieved a net profit of EGP 115.719m in March 2021, compared to EGP 114.350m in March 2020.
The bank’s profits before income taxes amounted to about EGP 236.081m in March 2021, compared to EGP 230.462m in March 2020.
The return on loans and similar revenues amounted to about EGP 1.038bn in March 2021, compared to EGP 1.134bn in March 2020.
Meanwhile, the net income from the return, fees and commissions amounted to EGP 439.613m in March 2021, compared to EGP 422.216m in March 2020.
BLOM Bank
BLOM Bank – Egypt’s net profit declined to EGP 84.476m in Q1 of 2021, compared to EGP 207.084m in Q1 of 2020.
The bank’s financial statements revealed that the bank’s profits before income taxes amounted to EGP 177.804m in March 2021, compared to EGP 291.070m in March 2020.
Income tax expenses recorded about EGP 93.328m in March 2021, compared to EGP 83.985m in March 2020. The return on loans and similar revenues amounted to about EGP 1.046bn in March 2021, compared to EGP 1.132bn in March 2020.
The cost of deposits and similar costs amounted to about EGP 623.169m in March 2021, compared to EGP 723.521m in March 2020.
The net income from the return rose to about EGP 423.130m in March 2021, compared to EGP 408.598m in March 2020.
Fees and commissions decreased to about EGP 16.092m in March 2021, compared to EGP 24.691m in March 2020.
