Export Development Bank of Egypt profits soar 155.5% YoY in 2023

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Export Development Bank of Egypt (EBank) reported a 155.54% year-on-year (YoY) climb in consolidated profit attributable to the parent company during 2023, according to the lender’s financial statements filed to the Egyptian Exchange (EGX) on February 25th.

The bank’s consolidated profit excluding minority interest rose to EGP 3.375 billion during the 12 months ending December 31st from EGP 1.320 billion during 2022.

Meanwhile, net interest income surged to EGP 5.719 billion from EGP 3.195 billion.

As for standalone financial results, the lender’s net profit after tax soared to EGP 3.120 billion in the January-December period of 2023 from EGP 1.228 billion.

EBank is an EGX-listed bank that offers banking and financial services, which encourage the export activities of the agricultural, industrial, commercial, and services sectors.