QNB Al Ahli Achieves Fastest Quarterly Growth in 8 Years, Led by Mohamed Bedir

Qatar National Bank Al Ahli has achieved outstanding performance during the current year, reflecting the bank's seriousness in maintaining its strong performance in the Egyptian banking market as the largest private sector bank in the lending market and the second in the assets and deposits markets, in addition to its significant ability to generate net profits.

QNB Al Ahli managed to achieve record growth in its net profits during the first quarter of the current year, reaching the highest level in the past 8 years. It jumped by 119.67%, recording EGP 4.48 bn during the first 3 months of 2023, compared to EGP 2.04 bn during the same period in 2022.

Looking at the growth rates achieved in previous years, the bank achieved a growth of 12.42% in its net profits during the first quarter of 2022, while it experienced a decline in the same quarter of 2021 by about 5.52%. However, during the same period in 2020, it witnessed a slight growth of 0.44% due to the impact of the global pandemic in that quarter.

As for the net profits of QNB Al Ahli during the first quarter of 2019 and 2018, it amounted to 27.31% and 27.24% respectively. Furthermore, its net profits grew by 37.26% during the first 3 months of 2017 and 38.27% during the same period in 2016.

Returning to the bank's performance in terms of net profits during the first quarter of the current year, this strong growth can be attributed to the significant increase in the bank's net fees and commissions income. It jumped by 59.21%, reaching EGP 7.54 bn during the first quarter of 2023, compared to EGP 4.73 bn during the same quarter of 2022, with an increase of EGP 2.80 bn.

Net interest income increased from EGP 4.15 bn during the first quarter of 2022 to EGP 6.52 bn during the same period in 2023, achieving a growth rate of 57.02% and an increase of EGP 2.37 bn.

Analyzing QNB Al Ahli's sectoral profits, its net profits from the main branch reached EGP 2.52 bn during the first quarter of 2023, compared to EGP 1.18 bn during the same period in 2022, with an increase of EGP 1.34 bn.

The main branch of QNB Al Ahli accounted for 56.14% of the bank's net profits during the first quarter of 2023.

Meanwhile, its net profits from the Greater Cairo sectors reached EGP 1.54 bn during the first quarter of 2023, accounting for 34.33% of the bank's net profits. This is after an increase from EGP 669.19 mn during the first quarter of 2022, achieving a growth rate of 129.90% and an increase of EGP 869.30 mn.

The bank's net profits from Delta geographical sectors experienced the fastest growth, jumping by 285.75%. It recorded EGP 191.89 mn during the first quarter of 2023, compared to EGP 49.75 mn during the same period in 2022, with an increase of EGP 142.15 mn. This sector accounted for 4.28% of the bank's net profits during the same period.

Furthermore, the bank's net profits from the Alexandria sectors increased to EGP 276.07 mn during the first quarter of 2023, compared to EGP 131.31 mn during the same period in 2022, achieving a growth of about 110.25% and an increase of EGP 144.77 mn.

The Alexandria sectors accounted for 6.16% of the bank's net profits during the first quarter of 2023.

On the other hand, the bank's net profits were not affected by its net losses from the Southern and Red Sea sectors, which amounted to EGP 41.08 mn during the first quarter of 2023.