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Egyptian banking sector achieves EGP 45.549bn net profits in September

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Egyptian banking sector achieves EGP 45.549bn net profits in September

Top 10 banks in the Egyptian banking sector account for 65.5% of profits, top 5 banks account for 46.1%


The Central Bank of Egypt (CBE) said that the net profits of banks operating in the Egyptian banking sector recorded about EGP 45.549bn at the end of September 2020.

The CBE stated, in a report on Sunday, that the net return in the banking sector amounted to EGP 110.670bn, while the net income from operating activities amounted to about EGP 132.208bn, while total expenditures recorded about EGP 86.659bn in the third quarter of this year.

The CBE added that the net profits of the top 10 banks in the Egyptian banking sector amounted to about EGP 29.852bn, accounting for 65.5% of the total profits in the banking sector as a whole, while the net return of the top 10 banks amounted to about EGP 73.975bn, and the net income from operating activities reached about EGP 87.521bn, while the total expenses were about EGP 57.669bn.

While the CBE did not disclose the names of the top 10 banks, it is known that they are the National Bank of Egypt, Banque Misr, CIB, Banque du Caire, QNB Alahli, Arab African International Bank, HSBC, Faisal Islamic Bank of Egypt, Alexbank, and Credit Agricole.

Moreover, the net profits of the five largest banks recorded about EGP 21.022bn, accounting for 46.1% of the total profits. The net return of the five largest banks scored about EGP 53.194bn, and the net income from operating activities amounted to about EGP 63.215bn, while total expenditures recorded about EGP 42.193bn in September 2020.

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https://dailyfeed.dailynewsegypt.com/2020/12/20/egyptian-banking-sector-achieves-egp-45-549bn-net-profits-in-september/
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