Forbes includes 11 Banks on Egypt’s Top 50 listed companies 2024 list, CIB at the front

Forbes Middle East magazine revealed a list of Egypt’s Top 50 listed companies 2024, which included 11 banks operating in the Egyptian banking sector.

CIB topped the list with a market value of $4.7 bn, and recorded profits of $619 mn, sales of $2.5 bn, and assets of $17.4 bn, under the leadership of CEO and Managing Director Hussein Abaza.

QNB Al-Ahli ranked second on the list, with total assets of $13.1 bn, while the Bank had a market value of $1.4 bn, and recorded sales of $1.8 bn and a net profit of $338 mn.

In third place was Faisal Islamic Bank of Egypt, with total assets of $3.8 bn, a market value of $518 mn and sales of $487 mn, while net profits amounted to $94 mn.

Housing and Development Bank won the 11th place on Forbes' list, with the bank's market value rising to $487 mn, a sales volume of $421 mn, profits of $137 mn and assets of $2.7 bn.

ADIB Egypt acquired the 13th position on the list with a market value of $370 mn, sales volume of $456 mn, profits of $97 mn and assets volume of $3.4 bn.

Crédit Agricole Egypt got the 20th place with a market value of $488 mn, a sales volume of $305 mn, profits of $108 mn and total assets of $2.2 bn.

As for EBank, it clinched the 17th position on the Forbes list, with a market value of $334 mn, the volume of assets accounted for $2.5 bn, the Bank's profits amounted to $71 mn, and sales of $339 mn, under the leadership of Ahmed Galal, Chairman of the Bank.

Al Baraka Bank ranked 23rd on Forbes' list, with a market value of $173 mn, sales of $268 mn, profits of $46 mn and total assets of $2.1 bn, under the leadership of Hazem Hegazy, CEO and Vice Chairman. Forbes list of Egypt’s Top 50 listed companies 2024 included saib in the 26th position, after the bank achieved strong performance indicators, recording profits of $31 mn, its assets amounted to about $3.5 bn and sales of $437 mn, while the market value of the bank was $70 mn.

Suez Canal Bank ranked 27th on the list, with a market value of $135 mn, sales volume of $267 mn, profits of $48 mn and assets volume of $2.1 bn.

The Egyptian Gulf Bank, "EGBANK", ranked 28th on the list with a market value of $157 mn, sales of EGP 287 mn, profits of $31 mn and assets volume of about $2 bn.

Forbes list of Egypt’s Top 50 listed companies 2024 witnessed its total sales decline in US dollars by approximately 20%, to reach $26.4 bn in 2023 compared to 2022, with total net profits falling by 9% to record $4.5 bn.

Its total assets declined by 18.1% to $89.4 bn in 2023, compared to $109.2 bn in 2022, while the 50 listed companies had a total market value of $29.4 bn as of April 26, 2024, declining by 3.3% compared to last year.

With the exception of the impact of foreign exchange, all financial measures in local currency rose, with total market value, sales, profits and assets in Egyptian pounds increasing by 49.8%, 25%, 41% and 27%, respectively.

The banking and financial services sector dominated the list with 16 companies with sales of $8.4 bn and total assets of $58.5 bn, followed by mortgage, construction and industrial sectors with 9 and 7 companies respectively.