With 63.64% growth, QNB Egypt achieves fastest annual growth in net profits during the last decade

QNB Egypt achieved record profit growth last year, prompting it to record the fastest annual net profit growth in the last decade, driven by the efforts of Mohammed Bedir, the bank's chief executive officer and his team.

QNB Egypt's net profit jumped by 63.64% over the past year, registering 25.8 billion pounds in 2024, compared to 15.8 billion pounds in 2023, with a total increase beyond the 10 billion pounds mark.

In 2023, the Bank grew by 55.76% in net earnings, while growth by 35.86% and 0.72% in 2022 and 2021.

As for its performance in 2020, it recorded a slight decline in its net profit of 11.09% due to the impact of the coronavirus, which was declared a global pandemic this year, while it achieved growth of 20.30%, 30.68% and 31.24% during 2019, 2018 and 2017, respectively.

In terms of QNB's net profit in 2016, Egypt grew by 30.95%, while growing by 40.10% in 2015.

The Bank's financial performance over the past year reflects a strong trend towards inclusive and sustainable growth, with notable rises in several key financial indicators, reflecting its ambitious strategy and future vision to strengthen its position in the banking market.

Net interest income rose by 33.02% over the past year, registering 40.4 billion pounds in 2024, compared with 30.4 billion pounds in 2023, representing an increase of 10 billion pounds.

Net fees and commissions income jumped from 4 billion pounds in 2023 to 5.7 billion pounds in 2024, with a growth rate of 41.66% and an increase of 1.7 billion pounds.

At the bank's financial position, its portfolio of assets rose to Pound808.98 billion by the end of 2024, compared to Pound620.53 billion by the end of 2023, a growth of 30.37% and an increase of Pound188.4 billion.

QNB Egypt's customer portfolio deposits jumped by 28.62% over the past year, reaching 681.9 billion pounds by the end of 2024, compared to 530.1 billion pounds by the end of 2023.

The bank's total customer loans rose from 268.6 billion pounds by the end of 2023, to 365.3 billion pounds by the end of 2024, a growth of 36.01% and an increase of 96.7 billion pounds.