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Egypt’s banks report EGP 83.18bn net profits in 2019: CBE - Daily News Egypt

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Egypt’s banks report EGP 83.18bn net profits in 2019: CBE

Top 5 banks account for 50.1% of sector’s total profits, top 10 achieve EGP 58.7bn profits

Banks operating in Egypt achieved a total net profit of EGP 83.18bn in 2019, of which EGP 60.758bn in the first three quarters of the last year, according to the Central Bank of Egypt (CBE).

In a recent report, the CBE said the five largest banks in the country accounted for about 50.1% of the total profits, with their profits amounting to EGP 41.679bn.

The top 10 banks achieved profits of EGP 58.791bn, or the equivalent of about 70.67% of the local sector’s total profits.

At the top of the list are the National Bank of Egypt, Banque Misr, CIB Egypt, Banque du Caire, QNB Alahli, Credit Agricole Egypt, Faisal Islamic Bank of Egypt, and Housing and Development Bank.

According to the CBE, the net return achieved by banks operating in Egypt in 2019 amounted to EGP 154.952bn. The share of the top 10 banks reached EGP 107.665bn, equivalent to 69.494%. The share of the top five banks amounted to EGP 80.467bn, equivalent to 51.93%.

The net income of bank activity reached EGP 189.785bn in 2019, and the top 10 banks accounted for EGP 130.744bn, equivalent to 68.89%. Shares for the top five banks reached EGP 97.964bn, or 51.618%.

On the other hand, bank expenses amounted to EGP 106.601bn in 2019, of which about EGP 71.953bn belonged to the top 10 banks, equivalent to 66.559%. About EGP 56.286bn belong to the largest five banks, equivalent to 52.8% of the total.

Topics: banks CBE profits

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