The Central Bank of Egypt announced that banks in Egypt achieved net profits of EGP 426.911 billion in the first nine months of 2024. The top 10 banks contributed 79.73% of these profits. The report indicates stable returns on equity and assets, reflecting strong sector performance driven by leading institutions.
The Central Bank of Egypt (CBE) has reported that banks operating in Egypt achieved net profits of EGP 426.911 billion in the first nine months of 2024. The total net return for the banking sector reached EGP 669.365 billion, while net activity revenues amounted to EGP 828.556 billion. The total expenses of the sector were recorded at EGP 401.645 billion during this period.
Notably, the top 10 banks in Egypt represented approximately 79.73% of the sector’s profits, generating EGP 340.411 billion. Furthermore, the top five banks alone accounted for about 65.06% of the total profits, contributing EGP 277.749 billion. The leading institutions include the National Bank of Egypt (NBE), Banque Misr, and Commercial International Bank (CIB).
As of September 2024, the net return of the top 10 banks reached nearly EGP 521.694 billion, with net activity revenues of EGP 650.077 billion. Their total expenses were EGP 309.666 billion. In June 2024, the top five banks reported a net return of EGP 434.524 billion, net activity revenues of EGP 545.96 billion, and expenses totaling EGP 268.227 billion.
The report indicates that the return on average equity for banks in Egypt remained stable at 32.2% as of September 2024, consistent with figures from previous months. The return on average assets was maintained at 2%, with a net return margin of 5.2%. For the top 10 banks, the return on average equity was slightly higher at 33.6%, while the top five banks reported a return on average equity of 33.1% and a net return margin of 4.8%.
These results highlight the robust performance of Egypt’s banking sector, largely attributed to a few dominant institutions that significantly enhance the overall profitability of the sector.
The report from the Central Bank of Egypt highlights a robust financial performance in the banking sector, characterized by substantial profits and stable return metrics. The dominance of major banks, particularly the top five, underscores their critical role in sustaining the sector’s overall profitability. The consistent return on equity and assets further illustrates the strength and resilience of this sector in the current economic landscape.
Original Source: www.dailynewsegypt.com
