QNB AlAhli achieves the fastest growth in net profits in 5 years during 2023
Mai El-Kafoury
QNB AlAhli achieved strong profits during the past year, with net profits jumping by 55.76%, reaching EGP 15.8 bn in 2023, compared to EGP 10.1 bn in 2022, with an increase of EGP 5.6 bn, recording the fastest annual growth, and the highest increase in the past five years.
Turning to the growth rates in its net profits during the past five years, we find that it has achieved growth of about 20.30% in 2019, but in the following year 2020 its profits fell by about 11.1% due to the negative consequences of the coronavirus pandemic.
QNB AlAhli has not quickly recovered from the repercussions of the coronavirus pandemic, which was reflected by the slight marginal rise in its net profit in 2021, with a growth rate of 0.73%, and this situation has not lasted long, as the rise has returned strongly in 2022, registering a growth rate of 35.86% on an annual basis.
Overall, the Bank performed well over the past year, with its asset portfolio rising by 30.2%, 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.
Its Customer Deposit 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 rate of 16.38% and an increase of EGP 37.8 bn.
Net interest income jumped by 55.2% during 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.
