The Central Bank of Egypt reported banks net profits of EGP 426.911 billion for 9M 2024, with total activity revenues of EGP 828.556 billion. The top 10 banks made 79.73% of profits, with NBE, Banque Misr, and CIB leading. The return on equity remains stable at 32.2%, indicating strong sector performance.
The Central Bank of Egypt (CBE) has reported that banks in Egypt achieved significant net profits of EGP 426.911 billion in the first three quarters of 2024. The report indicates that the total net returns for banks reached EGP 669.365 billion, with net activity revenues amounting to EGP 828.556 billion, while total expenses for the sector were EGP 401.645 billion during this period.
The CBE noted that the top ten banks contributed to about 79.73% of the overall profits, generating EGP 340.411 billion. Notably, the top five banks alone represented 65.06% of profits, totaling EGP 277.749 billion. The National Bank of Egypt (NBE), Banque Misr, and Commercial International Bank (CIB) ranked among the leading institutions in this performance.
By September 2024, net returns for the top ten banks nearly reached EGP 521.694 billion, with net activity revenues at EGP 650.077 billion and total expenses of EGP 309.666 billion. Additionally, the top five banks reported net returns of EGP 434.524 billion, with net activity revenues of EGP 545.96 billion and total expenses at EGP 268.227 billion as of June 2024.
The report highlighted that return on average equity for banks in Egypt remained stable at 32.2% in September 2024, maintaining figures consistent with those from June and March of the same year. The return on average assets remained at 2%, while the net return margin was recorded at 5.2%. The top ten banks showed a slightly higher return on average equity of 33.6%, with a return on average assets of 2% and a net return margin of 5%. Among the leading five banks, the return on average equity was 33.1%, return on average assets 1.8%, and net return margin 4.8%.
In conclusion, the banking sector in Egypt exhibited strong financial results in the first nine months of 2024, as reported by the CBE. Key highlights include substantial net profits, with the top banks dominating profitability metrics. Stability in return on equity and assets indicates a robust financial environment, reflecting the strength of major banking institutions in the country. The performance of the sector underscores the important role these banks play in the financial landscape of Egypt.
Original Source: www.dailynewsegypt.com
