HSBC Egypt Reports Strong Financial Performance and Robust Growth

HSBC Egypt’s indicators have shown good performance since Todd Wilcox took over as Deputy Chairman and CEO in July 2020, succeeding Jacques – Emmanuel.

 A recent report by First Bank indicates significant growth in the bank’s financial position, with asset portfolio increasing by approximately 56.38% to reach EGP 182.18 bn by the end of 2022.

Wilcox also boosted customer deposits by EGP 60.93 bn, reaching EGP 151.15 bn by the end of the last year, reflecting a growth rate of 67.53%.

The increase is attributed to the rise in corporate deposits, which grew from EGP 38.45 bn in 2020 to EGP 81.21 bn in 2022, a growth rate of 111.21%.

 Retail deposits with HSBC Egypt reached EGP 69.94 bn by the end of 2022, showing a 35.09% increase compared to EGP 51.77 bn at the end of 2020.

However, the bank’s loans to customers experienced modest growth, increasing by only 2.77% over two years to reach EGP 40.9 bn by the end of 2022. This is despite a 2 bn EGP increase in retail banking loans, reaching EGP 7.67 bn by the end of 2022, a growth rate of 35.48%.

HSBC Egypt adheres to regulatory instructions from the Central Bank of Egypt, notably increasing its capital to around EGP 5 bn by the end of 2022, compared to EGP 1.55 bn at the end of 2020, with a growth rate of 78.85%.

In terms of profitability, the bank reported a net profit of EGP 5.49 bn in 2022, a 52.09% increase compared to EGP 3.61 bn in 2020. Net income from fees and commissions jumped by 55.77%, reaching EGP 1.36 bn in 2022, and net income from returns increased by 34.64% to EGP 8.65 bn.

It’s noteworthy that HSBC Egypt provides banking services to individuals, companies, and investment in the Arab Republic of Egypt through 49 branches and 7 small units.