Banks In Egypt Report EGP 426.911Bn In Net Profits For 9M 2024
Date
12/24/2024 2:42:40 PM
(MENAFN- Daily News Egypt)
The Central bank of Egypt (CBE) has announced that banks operating in the Egyptian market achieved net profits of EGP 426.911bn in the first nine months of 2024. According to the latest report from the CBE, the total net return of banks amounted to EGP 669.365bn, with net activity revenues reaching EGP 828.556bn. Total expenses for the banking sector stood at EGP 401.645bn during the same period.
The CBE report highlighted that the top 10 banks in Egypt accounted for approximately 79.73% of the sector's total profits, generating EGP 340.411bn. The top five banks alone contributed about 65.06% of the sector's profits, amounting to EGP 277.749bn. Leading the list of top-performing banks are 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 521.694bn, with net activity revenues amounting to EGP 650.077bn. Their total expenses were recorded at EGP 309.666bn. Meanwhile, the top five banks posted a net return of EGP 434.524bn, with net activity revenues of EGP 545.96bn and total expenses of EGP 268.227bn in June 2024.
The report further revealed that the return on average equity for banks in Egypt remained stable at 32.2% in September 2024, consistent with figures from June and March of the same year. The return on average assets remained at 2%, and the net return margin was recorded at 5.2%. For the top 10 banks, the return on average equity was slightly higher at 33.6%, while the return on average assets stayed at 2%, with a net return margin of 5%. Among the top five banks, the return on average equity stood at 33.1%, the return on average assets at 1.8%, and the net return margin at 4.8%.
These results underscore the continued strong performance of Egypt's banking sector, driven by a few major institutions that dominate the market and contribute significantly to the overall profitability of the sector.
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