Qatar National Bank managed to achieve strong profits over the past year, jumping 55.8% over the past year, re

Analysis

After recording QNB’s net profits of EGP 15.8 bn in 2023, What are the most profitable geographical sectors?

First Bank

1/22/2024 2:23:00 PM

QNB ALAHLI

Qatar National Bank managed to achieve strong profits over the past year, jumping 55.8% over the past year, registering EGP 15.8 bn in 2023, compared to EGP 10.1 bn in 2022, with an increase of EGP 5.6 bn.

With regard to the geographical distribution of the Bank's net profits, QNB Al-Ahly’s head office had the largest share of its net profits, with a share of 51.64% by the end of 2023.

The Bank's net profit of its head office rose to EGP 8.1 bn in 2023, compared to EGP 5.6 bn in 2022, with growth of 46.30% and an increase of EGP 2.6 bn.

QNB Al-Ahly’s net profits from Greater Cairo sectors accounted for 36.45% of the Bank's net profit in 2023.

The bank's net profits from Greater Cairo sectors jumped by 52.4% during the extended period from January to December, reaching EGP 5.7 bn in 2023, compared to EGP 3.8 bn in 2022, with an increase of nearly EGP 2 bn.

The geographical sectors of Alexandria dominated 6.58% of QNB Al-Ahly’s net profits in 2023, following the Bank's net profits from this sector rising to EGP 1 bn in 2023, compared to EGP 609.8 mn in 2022, with growth of 70 .3% and an increase of EGP 428.5 mn.

Delta sectors accounted for 4.25% of the Bank's net profit over the past year in spite of the record growth in QNB Al-Ahly’s net profits from this sector, it jumped to 540.45% during the extended period between January and December, recording EGP 670.6 mn in 2023, compared to EGP 104.7 mn in the same period in 2022, with an increase of EGP 565.9 mn.

South and Red Sea sectors accounted for the lowest share of the Bank's net profit, reaching only 1% in 2023, after rising to EGP 169.1 mn in the past, compared to EGP 72.5 mn in 2022, with growth of 133.3% and an increase of EGP 96.6 mn.

QNB Al-Ahly has a large network of 234 branches, in addition to its head office in Cairo, by the end of 2023, it is worth mentioning that in the past year it has been able to add two new branches to its network.