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Banks’ profits score EGP 48.499bn until September 2018 - Daily News Egypt

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Banks’ profits score EGP 48.499bn until September 2018

Top five banks account for 43.9% of profits, top 10 hold 61.07%: CBE

Banks operating in the Egyptian market achieved a net profit of EGP 48.499bn at the end of September 2018, according to the Central Bank of Egypt (CBE).

In a recent report, the CBE stated that the top five banks accounted for 43.949% of the total profits realised by banks. Collectively, the five banks achieved EGP 21.315bn of the net profits.

The top 10 banks posted profits of EGP 29.622bn equivalent to about 61.077% of the total profits.

According to the CBE, these profits were realised in the period from 1 January to the end of September 2018 for private banks, and from 1 July until the end of September 2018 for government banks.

The CBE did not disclose the names of the top five or 10 banks, however, the market named the National Bank of Egypt, Banque Misr, Commercial International Bank – Egypt (CIB), Banque du Caire, and QNB Alahli as the top banks.

The financial statements of the CIB, the largest private bank in Egypt, have revealed that the bank achieved profits of EGP 7.019bn during the period from January to September 2018, against EGP 5.67bn in the same period of 2017, growing by 24%.

The QNB Alahli posted profits of EGP 5.38bn in the same period, against EGP 4.24bn in that period in 2017.

According to the CBE, the revenue achieved by banks until the end of September 2018 amounted to EGP 85.832bn. The share of the largest 10 banks recorded EGP 60.53bn, which account for 60.53%, while the share of the top five banks alone reached EGP 37.635bn, representing 43.84% of the total revenue.

The CBE said that the net operation income amounted to EGP 113.848bn. The top 10 banks accounted for EGP 69.119bn, equivalent to 60.711%, while the top five banks’ share reached EGP 49.94bn, accounting for 43.865%.

Meanwhile, expenses at the end of September amounted to EGP 65.349bn, including EGP 39.497bn by the top 10 banks, or 60.44%, and EGP 28.625bn by the top five banks, accounting for 43.803% of expenditures.

Topics: banks Profit

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