The Central Bank of Egypt reports that banks achieved net profits of EGP 426.911 billion in the first nine months of 2024. The top ten banks accounted for 79.73% of profits, with the top five banks alone contributing 65.06%. Financial metrics such as return on average equity and assets show stability, reflecting a strong banking sector driven by key institutions.
The Central Bank of Egypt (CBE) has reported that banks in Egypt achieved net profits of EGP 426.911 billion in the first nine months of 2024. This figure is part of a broader financial performance, with total net returns reaching EGP 669.365 billion and net activity revenues amounting to EGP 828.556 billion, while total expenses for the banking sector totaled EGP 401.645 billion during the same timeframe.
The CBE’s report notes that the top ten banks accounted for approximately 79.73% of the total profits within the sector, generating EGP 340.411 billion. Notably, the top five banks contributed about 65.06% of these profits, equal to EGP 277.749 billion, with the National Bank of Egypt (NBE), Banque Misr, and the Commercial International Bank (CIB) being the leading institutions.
As of September 2024, the top ten banks reported a net return of nearly EGP 521.694 billion, with net activity revenues of EGP 650.077 billion and total expenses recorded at EGP 309.666 billion. Meanwhile, the top five banks had a net return of EGP 434.524 billion, with net activity revenues of EGP 545.96 billion and total expenses amounting to EGP 268.227 billion as of June 2024.
The CBE reported stable returns on average equity for banks, maintaining a level of 32.2% in September 2024, consistent with earlier months of the same year. The return on average assets remained steady at 2%, and the net return margin was recorded at 5.2%. For the top ten banks, the return on average equity increased slightly to 33.6%, while the return on average assets held at 2%, and the net return margin was 5%. The top five banks had a return on average equity of 33.1%, a return on average assets of 1.8%, and a net return margin of 4.8%.
This data signifies the robust performance of Egypt’s banking sector, which is largely influenced by a select group of major banks that significantly enhance the overall profitability of the industry.
In summary, the banking sector in Egypt has shown remarkable profitability, with significant contributions from the top ten and top five banks. The reported net profits and stable financial metrics reflect a resilient banking environment, predominantly led by key institutions such as the National Bank of Egypt, Banque Misr, and the Commercial International Bank. As the sector continues to thrive, these leading banks remain central to its financial health and overall performance.
Original Source: www.dailynewsegypt.com
