Banks working in the Egyptian market achieved net profits worth EGP 30.143bn during the period from January-September 2016 for private banks, and from July-September 2016 for government banks, according to the Central Bank of Egypt (CBE).
The CBE revealed in its report that the five largest banks working in Egypt have acquired about EGP 12.362bn in profits, roughly 44.32% of the total profits.
“The 10 largest banks have achieved net profits worth EGP 19.953bn, which is equivalent to 66.19% of the total profits made by banks,” the CBE said.
The CBE did not reveal the name of the largest banks; however, it is known that the National Bank of Egypt (NBE), the Commercial International Bank (CIB), Banque Du Caire, and Qatar National Bank (QNB) top the list of the largest banks.
According to the CBE, total revenues achieved by banks working in Egypt until the end of September 2016 reached EGP 54.973bn. The share of the largest 10 banks reached EGP 35.641bn, equivalent to 64.83%. The share of the five largest banks reached EGP 24.064bn, equivalent to 43.77% of total aggregated bank revenues.
The CBE added that the revenues of bank activities reached EGP 71.411bn until the end of September 2016. The largest 10 banks acquired EGP 44.545bn, equivalent to 62.378% of total revenues of bank activities. The share of the five largest banks reached EGP 29.992bn, equivalent to 42%.