The General Assembly of Banque Misr approved the financial statements for the fiscal year ending on December 31, 2023, highlighting remarkable growth in all business sectors. The bank’s total financial position reached EGP 2.6 trillion, showing a 14.9% growth from the previous year. A significant jump of 32.9% was observed in the net direct loans to customers, rising to EGP 911.9 billion, with strong individual and institutional loan growth.
Key financial performance metrics include a 31.23% return on average equity (ROAE), up from 19.25%, and a 2.14% return on average assets (ROAA), reflecting a substantial leap in profitability. Banque Misr’s net income margin (NIM) increased to 5.05%, and the cost-to-income ratio (CIR) dropped to 23.01%, demonstrating operational efficiency improvements.
Customer deposits grew by 8.6%, reaching EGP 1.9 trillion. In retail banking, the bank expanded its electronic payment capabilities with over 16.05 million cards and a 95% growth in the total value of the electronic payment acceptance portfolio, including significant expansions in POS systems, websites, and QR code services.
Banque Misr has consistently supported financial inclusion, automation, and digitization across sectors, from expanding branches (852 by July 2024) to enhancing digital banking services like the BM Wallet, which had over 1.6 million users by the end of 2023. Furthermore, the bank maintained its leadership in the mechanization of salary systems, holding a 48% market share.
In Islamic banking, Banque Misr has continued to grow, with specialized branches offering Shariah-compliant services and a 41.7% increase in the Islamic banking portfolio. The bank also played a significant role in financing large-scale corporate and infrastructure projects, completing 26 financing operations worth EGP 246.7 billion in 2023.
Banque Misr is committed to digital transformation and sustainability, integrating modern technological advancements such as AI-driven customer service and digital platforms for small businesses, while also adhering to international sustainability standards. In 2023, the bank received 90 international awards, recognizing its contributions across various sectors.
