The General Assembly of Banque Misr has approved the financial statements for the year ending December 31, 2023. The bank's economic indicators show significant growth across all business sectors. The total financial position at the end of December 2023 was about EGP 2.6 trillion, compared to EGP 2.2 trillion in December 2022, reflecting a growth rate of nearly 14.9%. The balance of net direct customer loans increased by 32.9% to reach EGP 911.9 billion, compared to EGP 686.3 billion in December 2022. This growth is due to a 20.9% increase in total individual loans and a 36.6% increase in total institutional loans. Moreover, customer deposits grew by 8.6% to reach EGP 1.9 trillion, compared to EGP 1.7 trillion in December 2022.

The bank's total profits before taxes increased to EGP 80.9 billion, including EGP 28 billion for taxes, resulting in a net profit of EGP 52.9 billion for the fiscal year ending December 31, 2023.

The return on average equity (ROAE) rose to approximately 31.23% from about 19.25% in December 2022. The return on average assets (ROAA) also increased to about 2.14% from 1.34% in December 2022. Additionally, the net interest margin (NIM) reached about 5.05% compared to 3.23% in December 2022, and the cost-to-income ratio (CIR) decreased to about 23.01% from 32.75% in December 2022.

The retail banking portfolio at Banque Misr saw a growth rate of 20.9% by the end of December 2022, with the number of issued cards exceeding 16.05 million. Most of these cards operate with the Smart Chip system, propelling Banque Misr to become the second-largest bank in electronic payment cards among Egyptian banks. In 2023, Banque Misr achieved significant growth rates, with electronic payment acceptance portfolio values increasing by 95%. This included a 53% growth in points of sale, a 300% increase in website transactions, and a 120% rise in QR code usage. The bank now boasts over 640 thousand points of sale, more than 6,000 websites, and 1.6 million electronic wallets. Banque Misr provides these sites with the latest POS machines that comply with international standards (PCI DSS) at its latest version, 3.2.1, meeting the requirements of global organizations.

Banque Misr places significant emphasis on financial inclusion and is working on several fronts in alignment with the Central Bank's plan to enhance financial inclusion efforts. One key focus is the shift from a cash-based society to a cashless one by promoting and encouraging the use of electronic payment methods in accordance with the policies of the National Payments Council led by the President of the Republic. The objective is to reduce the circulation of banknotes outside the banking sector and promote the utilization of electronic means and payment channels.

The bank has introduced various solutions for automating employee salaries in the public and private business sectors to cater to all customer needs. This includes offering a range of salary transfer products such as salary cards and salary accounts. Currently, the bank has contracts with 4,327 companies, issuing 2.246 million cards and maintaining over 297,600 accounts. Additionally, the bank provides electronic payment services for taxes and customs.

In terms of electronic products, the bank has expanded the issuance of the Bank of Egypt's electronic wallet, BM Wallet, which has reached approximately 1.6 million wallets. Furthermore, as of December 2023, there were about 1.047 million wallets affiliated with the WE Pay service. This growth indicates an increasing reliance on electronic wallets for transfer operations and bill payments.

It's important to note that Banque Misr has maintained the top position for the eighteenth consecutive year since the Ministry of Finance's system for automating salaries was introduced in 2005. Among the banks participating in the system, Banque Misr holds a market share of 48% and manages 2.304 million cards for government agencies contracted with the bank. These agencies number 1126 in total. The bank transfers more than 187.3 billion pounds annually in salaries for both the public and private sectors.

Banque Misr is committed to promoting financial inclusion by expanding its branch network nationwide. By July 2024, the bank aims to have about 852 branches and banking units, making it the largest branch network in the country. Additionally, Banque Misr has a global presence with branches in the United Arab Emirates and France, as well as affiliated banks in Lebanon and Germany, and representative offices in China (Guangzhou), Russia (Moscow), South Korea (Seoul), Italy (Milan), and Kenya (Nairobi). Looking ahead, the bank plans to expand in Africa and the Middle East by opening branches in Saudi Arabia and Somalia, establishing a subsidiary bank in Djibouti, converting the Kenyan representative office into a branch, and establishing a bank affiliated with Banque Misr in the Abu Dhabi Global Market. Furthermore, the bank aims to have a vast network of correspondents covering all countries worldwide.

Banque Misr is a pioneer in Islamic banking and the first public sector bank to establish branches dedicated to Islamic banking transactions, known as Kenana. As of July 2024, 57 Kenana branches are spread throughout the Arab Republic of Egypt. By the end of December 2023, the bank had an advanced network of over 5,500 ATMs equipped with the latest technologies. These ATMs provide various services, including withdrawal, deposit, currency exchange, bill payment, donations, and cash transfer services. Banque Misr is the first bank to offer withdrawal and deposit services for electronic mobile phone wallets through its ATM network.

It's important to note that Banque Misr has made significant strides in digital transformation. This includes updating and enhancing the BM Online Internet banking service to offer customers a new range of banking services. The bank has also introduced electronic banking services via mobile phones through a dedicated mobile banking application. Additionally, Banque Misr is one of the pioneers in providing mobile payment services through the BM Wallet application. The bank has also integrated artificial intelligence technology to introduce a chatbot service on its website, offering customer support around the clock. Moreover, Banque Misr is the first bank in Egypt to enable purchases from the point of sale and on websites using QR codes for mobile wallet customers. Furthermore, the bank has automated obtaining financing for micro-projects, making the service available immediately, a first in Egypt.

In the field of retail banking, Islamic banking offers a wide range of modern banking services, including issuing various types of cards and introducing new products to cater to customers of Islamic transactions branches (Kanana). These products include various Murabaha offerings such as Hajj and Umrah Murabaha, durable goods Murabaha, tourist trip Murabaha, car Murabaha, and education Murabaha to finance expenses and school supplies. The Takaful banking insurance service has also been introduced through the branches of Banque Misr for Islamic transactions (Kanana) in collaboration with the Egyptian Takaful Insurance Company. The portfolio has seen a growth rate of 41.7% over the balances by the end of December 2022.

Banque Misr provides financing for small, medium, and micro enterprises through its branches in all governorates across different industrial, agricultural, and service sectors. As of December 2023, the total portfolio for small, medium, and micro enterprises amounted to about 54.1 billion pounds, with the number of clients in the small and medium enterprises portfolio exceeding 143,000.

Banque Misr is committed to meeting the diverse needs of all segments of society, contributing to the advancement of development by addressing unemployment and supporting community development. Banque Misr has partnered with the Ministry of Local Development in the "Mashrooak" program to finance small and micro projects through one-stop shops in local units nationwide. The Islamic banking portfolio for small, medium, and micro projects reached approximately 7.2 billion pounds by December 2023.

As of December 31, 2023, the total value of credit loans granted through the Express product for financing small projects (standard) to over 26,000 clients was EGP 34.8 billion. Additionally, the value of Murabaha for the Express product amounted to EGP 4.4 billion, which was granted to approximately 3,485 clients by the same date.

Banque Misr is one of the leading national banks in financing large companies. It excels in financing projects across various sectors. The corporate credit portfolio and syndicated loans have grown by 33% compared to the balances at the end of December 2022. Additionally, the Islamic banking portfolio in corporate credit and syndicated loans has increased by 27.9% over the same period. By the end of 2023, the bank's market share in financing large companies and syndicated loans amounted to approximately 18.6% of the total corporate finance sector financing in the banking industry.

Between 01/01/2023 and 31/12/2023, Banque Misr arranged, financed, and participated in around 26 financing operations, with a total financing volume of 246.7 billion pounds. Banque Misr's share in these operations amounted to 115.8 billion pounds across various sectors such as real estate investment, petroleum and natural gas, tourism, transportation, feed and poultry, fertilizers, petrochemicals, spinning and weaving, contracting, and cables.

The corporate credit and syndicated loans sector has significantly progressed in digital transformation. Several projects have been completed to streamline work processes, enhance competitiveness, attract new customers, and finance operations through intensive marketing plans. The bank is committed to implementing its strategic and developmental objectives to support the national economy in various sectors, including real estate investment, tourism, renewable energy, chemicals, petrochemicals, education, cars, contracting, textiles, building materials, communications, food and beverages, agricultural activities, land reclamation, infrastructure, and logistics. Currently, financing operations are being studied in these sectors.

Banque Misr has implemented a digital transformation strategy in the Egyptian banking sector. The goal is to offer advanced technological services on a larger scale, utilize the Agile methodology across various sectors to simplify and expedite work processes and be a leader in digital products, services, and solutions to attract new customer segments. As part of this strategy, the bank has introduced a flexible work model in several sectors to ensure the delivery of enhanced digital products and provide a unique banking experience that meets customer needs and adapts to industry changes.

The most essential digital products and services launched were Mobile and Internet banking services for individuals (BMOnline) and the Internet banking platform for companies (BM Online Business). These platforms enable companies to conduct various banking transactions, such as Instant Transfer Services (IPN), Government Payment Services, and Combined Payment Services. Additionally, digital products under the Express umbrella were introduced to meet the needs of small and micro-enterprise owners online easily and quickly. The Express Online account opening service was also launched for companies, allowing customers to open an account with minimal documentation. Bank Misr Express electronic services also introduced online small business financing, including Standard and Islamic Express.

Banque Misr is one of the largest banks with extensive experience in social responsibility. It is highly conscious of environmental and social responsibilities and governance rules, which are integrated with its performance standards and the long-term sustainability of its business. As the first Egyptian state-owned bank to obtain approval from the International Sustainability Reporting Standards Organization (GRI), Banque Misr reports its business by sustainability principles, including governance, human rights, anti-corruption efforts, and community participation, while also adhering to environmental safety standards. The bank also complies with the United Nations Global Compact standards for corporate social responsibility. Banque Misr has joined the United Nations Environment Program's financial initiative to launch the "Principles for Responsible Banking," aiming to achieve sustainable development and promote social and environmental responsibility for institutions. Banque Misr has donated approximately 1.1 billion pounds towards community development from January 2023 to December 2023.

Banque Misr has received 90 awards and achieved high rankings in 2023 from major international institutions in appreciation and recognition of its accomplishments and efforts across various business sectors. Receiving these awards is a testament to the trust of its customers, who are always the bank's primary focus and partners in its success across all endeavors. The bank continuously strives to enhance the quality of its services, sustain its long-term success, and actively provide services that meet its customers' needs. Furthermore, the bank's values and operational strategies consistently demonstrate its dedication to sustainable development and the prosperity of Egypt.