In the first nine months of 2024, banks in Egypt reported net profits of EGP 426.911 billion. The top 10 banks contributed approximately 79.73% of this profit. Major institutions like NBE, Banque Misr, and CIB led in profitability, and key performance indicators remained stable, showcasing the sector’s strength.
The Central Bank of Egypt (CBE) has reported that banks in the Egyptian market achieved net profits of EGP 426.911 billion during the first nine months of 2024. The report indicates that total net returns reached EGP 669.365 billion, while net activity revenues were EGP 828.556 billion. Total expenses for these banks amounted to EGP 401.645 billion in the same timeframe.
The findings indicate that the top 10 banks in Egypt produced around 79.73% of total sector profits, generating EGP 340.411 billion. Notably, the top five banks contributed about 65.06% of these profits, totaling EGP 277.749 billion. The leading banks in performance include the National Bank of Egypt (NBE), Banque Misr, and the 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 and total expenses of EGP 309.666 billion. The top five banks reported a net return of EGP 434.524 billion alongside net activity revenues of EGP 545.96 billion and expenses of EGP 268.227 billion for June 2024.
The report also noted that the return on average equity for Egyptian banks remained steady at 32.2% as of September 2024, mirroring figures from June and March of the same year. The return on average assets was consistent at 2%, with a net return margin recorded at 5.2%. In the top 10 banks, the return on average equity reached 33.6%, with a net return margin of 5%. For the top five banks, the return on equity was 33.1%, the return on assets at 1.8%, and the net return margin at 4.8%.
These results highlight the strong performance of Egypt’s banking sector, which is largely driven by a few dominant institutions that significantly enhance the sector’s overall profitability.
The CBE’s report reveals that Egypt’s banking sector showed strong financial performance in the first nine months of 2024, with notable profits primarily generated by major banks. The data underscores the stability and profitability of the sector, particularly among the top-performing banks, which continue to drive the overall financial health and performance of the industry.
Original Source: www.dailynewsegypt.com
