The United Bank Achieves Unprecedented Results, with Net Profits Surge to EGP 2.73 Billion in 2024 worth 60% Growth 

04/03/2025

The United Bank Achieves Unprecedented Results, with Net Profits Surge to EGP 2.73 Billion in 2024 worth 60% Growth 
Ashraf El Kady – Chief Executive Officer and Managing Director, The United Bank: 
●    Strong indicators reflect outstanding business growth across all sectors. 
●    Ambitious strategy based on principles of professional, economic, and social commitment. 
●    Business growth reflects the efforts, professionalism, and social responsibility of the team work. 
●    Maximizing current resources and investing in innovation are top priorities to meet current and future customer needs. 
●    Enhancing customer experience and harmonizing cultures drives UB to further excellency

 
Cairo: March 4th, 2025 
The United Bank announced today its financial results for the fiscal year ending December 31, 2024, which reflect strong financial performance and sustainable growth in various banking sectors. As well as commitment to the principles of professional quality in accordance with international standards, in addition to supporting sustainable community development work. 

UB achieved profits before taxes of EGP 3.610 billion during 2024, compared to EGP 2.282 billion in 2023, with a growth rate of 58%. While net profit reached EGP 2.73 billion by the end of 2024, compared to EGP 1.7 billion in 2023, with a growth rate of 60%. 

The financial results revealed the following indicators: 
First: Independent Statements: 
●    Total Revenue from Returns: UB recorded total revenues of EGP 12.561 billion, compared to the fiscal year 2023, which amounted to EGP 9.562 billion. 
●    Increase in Net Profits: UB's net profits reached EGP 2.73 billion in 2024, representing a growth of 60%, compared to EGP 1.7 billion in 2023. 
●    Total Assets: The value of UB's assets increased to EGP 82.510 billion, enhancing its strong financial position. 
●    Total Loan and Credit Facility Portfolio: The financing portfolio witnessed a growth of 16.3% to reach EGP 31.19 billion, supported by UB's expansion in financing the large, small, and medium-sized enterprises sector, compared to EGP 26.82 billion in 2023. 
●    Customer Deposits: Customer deposits reached EGP 62.815 billion, an increase of 25% compared to 2023, which recorded EGP 50.347 billion, reflecting customer confidence in UB's name and products. 
●    Digital Transactions: The value of digital transactions reached EGP 1.3 billion by the end of 2024, an increase of EGP 394 million from 2023. 
●    Retail Banking: The retail banking portfolio recorded EGP 8.305 billion by the end of 2024, compared to EGP 8.118 billion in 2023. While real estate financing recorded a leap to reach EGP 3.011 billion, compared to EGP 2.614 billion in 2023. 

Second: Consolidated Statements: 
●    Total Revenue from Returns: UB recorded total revenues of EGP 13.006 billion, compared to the fiscal year 2023, which amounted to EGP 9.949 billion. 
●    Increase in Net Profits: UB's net profits reached EGP 2.83 billion in 2024, representing a growth of 63%, compared to EGP 1.74 billion in 2023. 
●    Total Assets: The value of UB's assets increased to EGP 84.409 billion, enhancing its strong financial position.
 
In this context, Ashraf El Kady – CEO and Managing Director – stated that these strong indicators and results achieved by UB and its team work reflect significant business growth across the entire institution.
 
He added: "We are proud of this growth and strong performance, which reflects the efforts and professionalism of the team work in providing all banking services and products, based on solid foundations, with full social responsibility, as well as enhancing the foundations of sustainability." 

El Kady explained that The United Bank's strategy was based on maximizing the institution's current resources and investing intensively in human energies and assets, with a focus on supporting innovation elements to provide advanced banking and digital solutions in accordance with global quality standards in order to meet current customer needs and future aspirations. 

El Kady explained that UB is working to enhance its brand and position in the market to capture an influential market share. While continuing efforts to maximize strong performance indicators and achieve more accomplishments at all levels of professional, economic, and social banking work. 

Ashraf El Kady indicated that The United Bank intends to continue its ambitious plans towards continuing to expand its customer base and enhance innovation in banking products. As well as digital banking services to enhance the digitization strategy. In addition to enhancing financial inclusion and focusing on vital sectors and small and medium-sized enterprises. As well as financing strategic sustainable projects that contribute to supporting and supporting the national economy in line with Egypt's economic growth agenda.