NBE + Banque Misr release full-year earnings: Egypt’s two-largest state-owned banks both reported higher net income with the release of their full-year 2022 earnings yesterday. In late 2021, both banks changed their financial years to January-December. In their financial statements and earnings releases, they benchmark their FY2022 performance against an 18-month comparable period running 1 July 2020 through the end of December 2021.

THE NATIONAL BANK OF EGYPT-

NBE’s net income climbed 17% from the 18-month comparable period on the back of rising net interest income, according to the bank’s financials (pdf). The bank reported a 13% increase in net interest income to EGP 111.9 bn and post-tax profits of EGP 34.7 bn for the year.

Large corporates drive loan book expansion: The lender’s loans portfolio increased 47% to EGP 1.7 tn, according to figures in its earnings release (pdf). Large corporates dominated the bank’s lending, rising 50% to EGP 1.36 tn. Meanwhile, lending to SMEs rose 30% to EGP 143 bn and personal loans grew 42% to EGP 227 bn. Customer deposits rose by a third to EGP 3.2 tn in 2022.

BANQUE MISR-

Banque Misr’s net income posted a double-digit gain in 2022 compared to the 18-month comparable period despite a slight decline in revenues from interest, fees, and commissions, according to the bank’s financials. The lender’s pre-tax profits fell 3% to EGP 44.9 bn following 1% declines in net interest income (EGP 70.2 bn) and revenue from fees and commissions (EGP 13.4 bn). The bank’s bottom line climbed 11% to EGP 25.9 bn.

Growth in loans + deposits: Banque Misr’s loan book grew 16% to EGP 686 bn in 2022 on the back of growth in personal and corporate loans, according to its earnings release (pdf). Customer deposits grew 42% to EGP 1.7 tn in FY 2022 against the 18-month comparable period.

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