Private banks operating in the Egyptian market recorded unprecedented profits in 2024, driven by substantial growth in interest income and operating revenues.
Commercial International Bank
Commercial International Bank (CIB) led the sector with net profits reaching EGP 55.427bn by December 2024, a significant rise from EGP 28.768bn in 2023—an increase of EGP 26.6bn, reflecting a 92.6% growth. Pre-tax profits surged to EGP 77.4bn, compared to EGP 40.5bn, marking a 91% increase.
According to its financial statements, CIB’s net interest income climbed to EGP 90.816bn, up from EGP 52.746bn in 2023. Additionally, net fee and commission income grew to EGP 7.065bn from EGP 5.433bn.
Faisal Islamic Bank of Egypt
Faisal Islamic Bank of Egypt reported net profits of EGP 11.739bn in 2024, up from EGP 4.056bn in 2023—an increase of EGP 7.682bn. Pre-tax profits rose to EGP 13.6bn, compared to EGP 5.608bn, reflecting a gain of EGP 7.991bn.
Total revenues soared to EGP 30.841bn by the end of 2024, up from EGP 18.939bn in 2023, marking an increase of EGP 11.902bn.
Housing and Development Bank
The Housing and Development Bank (HDB) reported pre-tax and provisions profits of EGP 16.855bn by the end of 2024, compared to EGP 9.444bn in 2023—an increase of EGP 7.411bn or 78.5%. Standalone net profits after tax rose to EGP 11bn from EGP 6bn, reflecting an 83.1% increase.
Net operating revenues climbed 67.6% to EGP 20.5bn. Interest income increased to EGP 29.039bn, up from EGP 17.043bn—a growth rate of 70.4%. Interest expenses reached EGP 10.117bn, rising from EGP 6.590bn, an increase of 53.5%.
Abu Dhabi Islamic Bank – Egypt
Abu Dhabi Islamic Bank – Egypt (ADIB) recorded consolidated pre-tax profits of EGP 12.29bn in 2024, up from EGP 6.535bn in 2023. Consolidated net profits rose to EGP 9.015bn from EGP 4.673bn. The bank’s standalone profits reached EGP 8.82bn, compared to EGP 4.49bn.
Net interest income surged to EGP 15.252bn, compared to EGP 8.924bn in 2023. Net fee and commission income stood at EGP 1.895bn, up from EGP 1.558bn.
Suez Canal Bank
Suez Canal Bank (SCB) posted pre-tax profits of EGP 7.282bn in 2024, up from EGP 3.385bn in 2023. Net profits climbed to EGP 5.681bn, compared to EGP 2.293bn.
Loan and similar revenues totaled approximately EGP 18.381bn by the end of 2024, up from EGP 9.882bn in 2023. Deposit costs and similar expenses reached about EGP 12.840bn, compared to EGP 6.639bn.
Abu Dhabi Commercial Bank – Egypt
Abu Dhabi Commercial Bank – Egypt (ADCB) recorded pre-tax profits of EGP 6.251bn in 2024, up from EGP 3.101bn in 2023. Net profits after tax reached EGP 4.271bn, rising from EGP 2.047bn, reflecting a growth rate exceeding 100%.
Net interest income totaled approximately EGP 8.645bn, compared to EGP 4.576bn in 2023. Net fee and commission income rose to EGP 1.019bn, up from EGP 644.058m.
United Bank
United Bank recorded pre-tax profits of EGP 3.548bn in 2024, compared to EGP 2.172bn in 2023—a 63% increase. Net profits grew to EGP 2.731bn, up from EGP 1.702bn, marking a 60% rise.
Interest income climbed to approximately EGP 12.561bn by the end of 2024, up from EGP 9.562bn in 2023, reflecting a 31% growth. The net interest margin expanded by 50%, reaching EGP 4.649bn, compared to EGP 3.091bn.
EG Bank
EG Bank posted pre-tax profits of EGP 4.023bn in 2024, reflecting a 68% increase compared to 2023. Net profits reached EGP 2.550bn, marking an 80% growth rate.
Net interest income rose to EGP 6.083bn, reflecting a 67% increase, while net fee and commission income grew by 75%.
saib Bank
saib Bank achieved an 81% increase in net profits in 2024, reaching EGP 1.74bn, up from EGP 963m in 2023. Pre-tax profits surged by 60% to EGP 2.54bn, compared to EGP 1.58bn.
Net interest income grew by 60% to EGP 7.09bn, compared to EGP 4.43bn in 2023, supported by an expansion in the loan and credit portfolio across various business sectors.
Additionally, net fee and commission income increased by 93% to EGP 1.06bn, compared to EGP 551m, while total operating income rose by 65% to EGP 8.62bn, up from EGP 5.22bn.
