The Central Bank of Egypt reported that banks earned EGP 426.911 billion in net profits in the first nine months of 2024, with total revenues of EGP 669.365 billion. The top 10 banks accounted for approximately 79.73% of profits. Key performance metrics remained stable, highlighting the strong performance of Egypt’s banking sector dominated by several major institutions.
The Central Bank of Egypt (CBE) has disclosed that banks in Egypt realized net profits of EGP 426.911 billion during the first nine months of 2024. The overall net return across the banking sector reached EGP 669.365 billion, while net activity revenues amounted to EGP 828.556 billion. Total expenditures in this sector were noted at EGP 401.645 billion in the same timeframe.
According to the CBE’s findings, the leading ten banks in Egypt generated approximately 79.73% of the sector’s total profits, equating to EGP 340.411 billion. Notably, the top five banks contributed around 65.06% of the sector’s profits, totaling EGP 277.749 billion. Prominent among these institutions are the National Bank of Egypt (NBE), Banque Misr, and the Commercial International Bank (CIB).
As of September 2024, the top ten banks reported a net return close to EGP 521.694 billion, with net activity revenues of EGP 650.077 billion and total expenses at EGP 309.666 billion. For the leading five banks, net returns were recorded at EGP 434.524 billion, with revenues of EGP 545.96 billion and expenses totaling EGP 268.227 billion as of June 2024.
Moreover, the report noted that the return on average equity for banks in Egypt remained constant at 32.2% as of September 2024, mirroring previous months. The return on average assets held steady at 2%, and the net return margin was reported at 5.2%. For the top 10 banks, the return on average equity was marginally higher at 33.6% with the return on average assets at 2% and a net return margin of 5%. For the top five banks, the return on average equity was 33.1%, the return on average assets was 1.8%, and the net return margin was 4.8%.
Overall, these findings reflect the robust performance of Egypt’s banking sector, characterized by significant contributions from a select number of leading institutions, which greatly enhance the sector’s overall profitability.
In conclusion, Egypt’s banking sector has shown impressive financial results for the first nine months of 2024, with a net profit of EGP 426.911 billion and significant contributions from the top-performing banks. The stability in key performance metrics such as return on equity and assets further underscores the resilience and profitability of the sector, which is largely driven by a few dominant banks. As the banking landscape evolves, these entities will continue to play a vital role in shaping economic growth.
Original Source: www.dailynewsegypt.com
