QNB Al Ahly raises its contribution to the net profits of the International Group to 11.85% in 2023

QNB Al Ahly achieved strong profits over the past year, jumping about 55.8% to record EGP 15.8 bn in 2023, compared to EGP 10.1 bn in 2022, with an increase of EGP 5.6 bn.

This enabled it to raise his contribution to QNB Group's net profit to 11.26% in 2023, compared to 9.78% in 2022 (based on the 95% participation rate of QNB Group in the Bank)

QNB Group's net profits rose to EGP 133.1 bn (QAR 15.7 bn) in 2023, compared to EGP 98.4 bn (QAR 14.4 bn) in 2022

In 2013, QNB Group acquired 95% of the shares of National Societe Generale Bank - Egypt, and its name was officially changed to QNB Al Ahly in December of the same year.

QNB Group has been expanding rapidly in the past years, within more than 28 countries and three continents worldwide through its branches and subsidiaries, having over 30,000 employees in over 900 branches and representative offices, as well as a wide network of ATMs over 4,800.

The Group strengthened its regional presence by acquiring shares in financial corporations, including 20% Ecobank Transnational Incorporated (Ecobank), one of the largest and most important banks in Africa, 38.6% of Housing Bank for Trade and Finance - Jordan, 40% of Commercial Bank International - UAE, 99.99% of QNB - Tunisia, 54% of Al-Mansour Bank For Investment – Iraq and 20% of Al Jazeera Finance Company in Doha.

QNB Group also has a 51% share in QNB - Syria, a 92% share in QNB Indonesia, and a 99.88% share in Turkish "Finance Bank" - currently QNB Finance Bank, the fifth largest privately owned bank.

The Group has been operating in Vietnam since 2015, and it began operating in India and Saudi Arabia in 2017.

Since the acquisition of the Bank by the International Group, which is performing strongly in the Egyptian banking market, and turning to its performance over the past year, its assets portfolio has risen by about 30.2% over the past year, reaching EGP 620.5 bn by the end of 2023, compared to EGP 476.8 bn by the end of 2022, with an increase of EGP 143.7 bn.

QNB Al Ahly's customer deposits portfolio jumped by 30.2%, recording EGP 530.1 bn by the end of 2023, compared to EGP 407.1 bn by the end of 2022, with an increase of EGP 123.1 bn.

The Bank’s Total customer loans rose to EGP 268.6 bn by the end of December 2023, compared to EGP 230.8 bn by the end of 2022, with a growth of 16.38% and an increase of EGP 37.8 bn.

Net interest income jumped by 55.2% over the past year, reaching EGP 30.4 bn in 2023, compared to EGP 19.6 bn in 2022, with an increase of EGP 10.8 bn.

Net fees and commissions income rose to EGP 4 bn in 2023, compared to EGP 2.5 bn in 2022, with a growth of 60.2% and an increase of EGP 1.5 bn.