Banks Operating In Egypt Record EGP 126.9Bn Of Net Profits In 1H 2023

(MENAFN- Daily News Egypt) The banks operating in the Egyptian market achieved a net profit of approximately EGP 126.910bn by the end of the first half of the current year (1H 2023).

The Central bank of Egypt (CBE), in its quarterly report on the financial stability of banks, stated that the net return in banks reached approximately EGP 254.575bn by the end of June 2023.

Meanwhile, the net activity revenues amounted to about EGP 299.313bn, and total expenses recorded approximately EGP 172.403bn.

According to the CBE, the top ten banks accounted for approximately 75.045% of the total banking profits, amounting to around EGP 95.240bn. Meanwhile, the top five banks accounted for approximately 59.635% of the sector's profits, totaling EGP 75.683bn.

The following banks top the list: National Bank of Egypt (NBE), Banque Misr, Commercial International Bank (CIB), Banque du Caire, QNB Alahli, Crédit Agricole Egypt, Faisal Islamic Bank of Egypt, and Arab African International Bank (AAIB).

The report revealed that the net income of the top 10 banks recorded approximately EGP 193.867bn during the first half of 2023. The net activity revenues reached EGP 224.271bn, while the total expenses amounted to EGP 129.031bn.

Moreover, the net income recorded by the top 5 banks amounted to approximately EGP 162.871bn, while the net activity revenue reached around EGP 185.095bn. Meanwhile, its total expenses reached about EGP 75.683bn by the end of September.

The Central Bank of Egypt stated that the average asset yield in banks reached 1.2% by the end of June 2023, while the yield on average equity was 17.7%, and the net yield margin was 3.8%.

It pointed out that the average asset yield in the top 10 banks was 1.2%, and the yield on average equity was 19.5%, while the net yield margin reached 3.6%.

According to the CBE, the yield on average assets for the top 5 banks was recorded at 1.1%, while the yield on average equity reached 18.7%. Meanwhile, the net return margin reached 3.4%.


Daily News Egypt

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.