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Banks operating in Egypt post net profit of EGP 39.29bn end-March - Daily News Egypt

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Banks operating in Egypt post net profit of EGP 39.29bn end-March

Top 5 banks denominate 74.48% of profits, top 10 account for EGP 33.32bn of profits, says CBE


Banks operating in the Egyptian market achieved a net profit of EGP 39.29bn at the end of March, according to the Central Bank of Egypt (CBE).

In a recent report, the CBE stated that the top five banks in Egypt accounted for 74.48% of the total profits realised by banks. Collectively, the five banks achieved EGP 29.26bn of the net profits.

The top 10 banks posted profits of EGP 33.32bn equivalent to about 84.81% of the total profits.

The list of top 10 banks includes the National Bank of Egypt; Banque Misr; Commercial International Bank – Egypt (CIB); Banque du Caire; QNB Alahli; Credit Agricole Egypt; Faisal Islamic Bank of Egypt, and the Housing and Development Bank.

According to the CBE, the revenue achieved by banks in Egypt until the end of March 2019 amounted to EGP 80.36bn. The share of the largest 10 banks recorded EGP 66.64bn, which accounts for 82.39%, while the share of the top five banks alone reached EGP 75.56bn, representing 75.23% of the total revenue.

The CBE said that the net operation income amounted to EGP 102.47bn. The top 10 banks accounted for EGP 83.61bn, equivalent to 81.59%, while the top five banks’ share reached EGP 75.56bn, accounting for 73.73%.

According to the CBE, the return on average assets of banks operating in the Egyptian market reached 1.4% at the end of March 2019 against 1.5% in the year 2018. The rate scored 1.3% for the largest 10 banks and 1.1% at the largest five banks.

It added that the return on the average equity of the banks reached 19.2% at the end of March 2019 against 21.5% in 2018 and reached 18.4% in the top 10 banks and 16.3% at the top five banks.

Net margin of return scored 3% at the end of this March, down from 3.9% in 2018, and reached 2.7% at the top 10 banks and 2.3% at the top five banks.

In contrast, the volume of bank expenses at the end of March 2019 amounted to EGP 63.18bn, including EGP 50.287bn at the top 10 banks (79.58%) and EGP 46.3bn at the largest five banks, accounting for 73.27% of total banks’ expenses.

The jump in the volume of expenses in the banks comes on the back of spending to modernise and support the technological structure, and geographical expansion, both through small and large branches or through the ATMs and POS to reach customers all around Egypt.

Topics: banks CBE Profit
https://eklutdvotyzsri.dailynewssegypt.com/2019/06/27/banks-operating-in-egypt-post-net-profit-of-egp-39-29bn-end-march/
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