In its annual financial report for the period ending June 30, 2024, Bank of Egypt demonstrated significant growth across all of its business sectors, achieving unprecedented growth rates in loans, deposits, and numerous digital services that further solidified its leadership position in the Egyptian banking market.
Strong Financial Indicators
By the end of June 2024, the bank's total financial position reached approximately EGP 3.295 trillion, marking a growth of 29.1% compared to EGP 2.551 trillion in December 2023. The bank's direct loan portfolio to customers increased by 21.9%, reaching EGP 1.111 trillion, compared to EGP 912 billion at the end of the previous year. Similarly, the customer deposit portfolio grew by 21.8%, reaching EGP 2.284 trillion.
Financing Major Projects and Islamic Banking
Bank of Egypt continues to play a leading role in financing major projects across various economic sectors. The bank’s credit portfolio for companies and syndicated loans (both direct and indirect) saw an increase of 28.6% by the end of June 2024, compared to the end of December 2023. The Islamic banking portfolio also recorded a notable growth of 50% during the same period, reflecting the bank's commitment to expanding its Sharia-compliant financial services.
In 2024, the bank successfully completed 29 major financing operations worth a total of EGP 211.8 billion, including large financings in sectors such as real estate, telecommunications, electricity, petrochemicals, and food industries.
Commercial Activities and Investment Financing
In terms of commercial operations, performance indicators showed significant growth in financing import operations, which increased by 44% compared to the same period last year. Export financing also saw a 38% rise. Additionally, letters of guarantee financing witnessed a significant increase of 59%.
Payment Cards and Digital Services
In the retail banking sector, Bank of Egypt launched numerous digital solutions that enhanced its position as a strong competitor in the market. The number of issued electronic payment cards reached 16.7 million, placing the bank in second place in Egypt in terms of card issuance. Moreover, the number of merchants contracted with the bank surpassed 407,000, with more than 690,000 points of sale (POS) spread across the country, helping transactions with merchants exceed EGP 280 billion.
In the field of digital products, Bank of Egypt offered a variety of payroll automation solutions, with 5,367 private sector companies contracting with the bank, along with electronic payment services for taxes and customs. The bank also maintained its leading position in the Ministry of Finance’s payroll automation system, with 2.35 million payroll cards issued for government entities.
Mortgage Financing and Small & Medium Enterprises (SMEs)
In the mortgage financing sector, Bank of Egypt secured the first position in Egypt for the second consecutive year in terms of the value of granted loans. The total mortgage financing portfolio reached EGP 21 billion, benefiting 145,000 clients.
Regarding financing for small, medium, and micro enterprises, the portfolio of loans provided to this sector reached EGP 53.5 billion by the end of June 2024, including EGP 6.4 billion in Islamic banking financing. Furthermore, 30,617 clients benefited from the "Express Small Projects" product, with total financing exceeding EGP 24.9 billion by November 2024.
Digital Transformation and Financial Inclusion
Bank of Egypt continues to implement digital transformation strategies in the banking sector, launching several applications and digital services, such as the "BM Online" platform and "BM Online Business" to provide innovative banking services for individual and business clients. The bank is also focusing on increasing the use of its "BM Wallet" electronic wallet, which reached 1.8 million issued wallets by the end of November 2024.
As part of its efforts to promote financial inclusion, the bank is expanding its branch network, aiming to reach more than 860 branches and banking units by November 2024, with branches in regional and global markets. Additionally, the bank continues to expand its services for people with disabilities through the launch of the "Moqem" program, which offers exceptional services such as ATMs equipped for mobility-impaired and visually impaired users.
Corporate Social Responsibility and Sustainability
Bank of Egypt places great importance on corporate social responsibility, having allocated over EGP 1.2 billion in 2024 to support various areas of community development. The bank is highly regarded for its sustainability and corporate governance practices, receiving numerous international awards in recognition of its efforts in these areas. It is the first state-owned Egyptian bank to obtain approval from the Global Reporting Initiative (GRI) for sustainability reporting and operates in alignment with the United Nations’ principles for corporate citizenship and social responsibility.
International Expansion and Future Vision
Bank of Egypt continues to enhance its international presence in African and Middle Eastern markets. The bank is currently taking steps to establish new branches in Djibouti, Somalia, and Saudi Arabia. This expansion is part of the bank's strategy to enter new markets and strengthen its global position.
Conclusion
Bank of Egypt continues to achieve outstanding results across all fronts in 2024, providing innovative banking solutions, expanding into new markets, and executing a comprehensive strategy to support sustainable development and financial inclusion. Today, the bank stands as a major player in both the Egyptian and global banking markets, further enhancing its role in financing major projects and supporting the national economy.
