Kuwait Finance House–Egypt's Deposits in foreign currencies jump by 59% during 2024

Separated financial statements of Kuwait Finance House Bank – Egypt, ending on December 31, 2024, revealed an increase in the volume of its customers’ deposits in foreign currencies at a growth rate of 58.55% and an increase of 11.04 billion pounds over the past year, after moving to the equivalent of 29.89 billion pounds by the end of 2024, compared to the equivalent of 18.85 billion pounds.Billion pounds by the end of 2023.

The relative weight of the volume of deposits of the bank’s customers in foreign currencies increased to occupy 25.53% of the bank’s total deposits at the end of 2024, compared to a relative weight of 20.93% at the end of 2023.

This strong increase in the bank’s customers’ deposits in foreign currencies during the past year came as a result of the change in exchange rates for currencies in Egypt, as well as the increased demand of customers to open savings accounts in euros to benefit from exchange rate movements and savings returns.

Bank customer deposits «in euros» jump by 91.66% during 2024 In terms of the development of the volume of the bank’s deposits in each individual currency, the bank’s customers’ deposits in euros exceeded the equivalent of 4 billion pounds at the end of 2024, compared to the equivalent of 2.09 billion pounds at the end of 2023, achieving a growth rate of 91.66% and an increase of the equivalent of 1.91 billion pounds during the past year.

Customer deposits in "euros" received 13.39% of the bank’s total deposit portfolio in foreign currencies at the end of 2024, compared to 11.07% at the end of 2023.

The volume of bank customers’ deposits in dollars increased to the equivalent of 25.66 billion pounds at the end of 2024, compared to the equivalent of 16.59 billion pounds at the end of 2023 (as a result of the change in the exchange rate throughout the year), growing at a rate of 54.67% and an increase of 9.07 billion pounds over the past year.

The bank’s customer deposit portfolio in dollars accounted for 85.86% of the bank’s total deposit portfolio in foreign currencies at the end of 2024, compared to 88.01% at the end of 2023.

The volume of bank customers’ deposits in Australian pounds also increased by about 44.91%, with an increase equivalent to 49.7 million pounds over the past year, recording the equivalent of 160.5 million pounds by the end of 2024, compared to the equivalent of 110.7 million pounds by the end of 2023.

The volume of deposits of the bank’s customers "in other currencies" also increased to the equivalent of 64.5 million pounds at the end of 2024, compared to the equivalent of 61.1 million pounds at the end of 2023, achieving a growth rate of 5.52% and an increase of 3.4 million pounds over the past year.

Deposits of the bank's customers in other currencies received 0.22% of the bank's total deposit portfolio in foreign currencies at the end of 2024, compared to 0.32% at the end of 2023.

In terms of the rate of employing deposits to grant loans in foreign currencies at «Kuwait Finance House Egypt», it recorded a rate of 46.52% at the end of 2024, compared to a rate of 67.73% at the end of 2023.

Customer deposits «in Egyptian pounds» jump by 22.5% and record 87.2 billion pounds by the end of 2024 The volume of bank customers’ deposits in Egyptian pounds jumped at a growth rate of 22.46% and an increase of 15.99 billion pounds over the past year, reaching 87.20 billion pounds by the end of 2024, compared to 71.21 billion pounds by the end of 2023.

The bank’s customer deposits in Egyptian pounds accounted for 74.47% of its total deposit portfolio at the end of 2024, compared to a relative weight of 79.07% at the end of 2023.

It is worth noting that the bank’s total customer deposit portfolio increased at a growth rate of 30%, with an increase of 27.03 billion pounds over the past year, reaching 117.09 billion pounds by the end of 2024, compared to 90.06 billion pounds by the end of 2023.