United Bank achieves record-breaking results, net profits surge 60% to EGP 2.73bn in 2024
The bank's standalone financial statements reveal that total interest income climbed to EGP 12.56bn in 2024, up from EGP 9.56bn in the previous year. Total assets reached EGP 82.51bn, further solidifying the bank's robust financial position. Customer deposits grew to EGP 62.82bn, a 25% increase from EGP 50.35bn in 2023, underscoring growing customer trust in the bank's offerings. Meanwhile, the total loan and credit facilities portfolio expanded to EGP 31.19bn, up 16.3% from EGP 26.82bn, driven by the bank's growth in corporate and SME financing.
The retail banking portfolio saw an uptick, reaching EGP 8.31bn in 2024, compared to EGP 8.12bn in 2023. Additionally, the mortgage financing portfolio grew to EGP 3.01bn from EGP 2.61bn. Digital transaction volumes also saw significant growth, rising to EGP 1.3bn in 2024, up by EGP 394 million compared to the previous year.
On a consolidated basis, United Bank's total interest income reached EGP 13.01bn in 2024, up from EGP 9.95bn in 2023. Net profits on a consolidated basis rose to EGP 2.83bn, a 63% increase from EGP 1.74bn. The bank's total assets increased to EGP 84.41bn.
Ashraf El Kady, CEO and Managing Director of United Bank, emphasized that these strong performance metrics highlight significant growth across all business sectors. He attributed the bank's success to the team's expertise and commitment to delivering exceptional banking services with a strong foundation in social responsibility and sustainability.
El Kady further highlighted the bank's strategic focus on maximizing existing resources, investing in human capital, and fostering innovation to provide cutting-edge banking and digital solutions that meet both current customer needs and future expectations.
He stressed that United Bank aims to enhance its brand presence and market position, working to capture a larger market share while continuing to deliver robust performance across various sectors. The bank remains dedicated to its expansion plans, including broadening its customer base, advancing banking products and digital services, and progressing its digital transformation strategy.
Moreover, El Kady affirmed the bank's ongoing commitment to promoting financial inclusion, supporting key economic sectors, and financing sustainable projects that contribute to Egypt's national economic growth agenda.
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