Profits of banks operating in Egypt hit LE130.8B by end of 2022

CAIRO - 15 March 2023: Net profits of banks operating in the Egyptian market increased to about LE 130.844 billion at the end of December 2022, compared to LE 93.396 billion at the end of September 2022, according to the Central Bank of Egypt (CBE).

 

The CBE stated in a recent report issued on  Wednesday, the banks’ net revenues amounted to about LE 331.202 billion at the end of December, compared to LE 225.807 billion at the end of September.

 

Furthermore, the net activity revenues amounted to about LE 407.592 billion, compared to LE 272.230 billion, and total expenditures amounted to about LE 276.758 billion, compared to LE 178.8 billion.

 

According to the CBE, the top 10 banks acquired about 77.59 percent of total bank profits, recording about LE 101.525 billion at the end of December 2022, compared to about LE 73.125 billion at the end of September, while the largest five banks acquired about 64.32 percent of the sector’s profits, recording LE 84.162 billion.

 

The list of these banks is topped by the National Bank of Egypt (NBE), Banque Misr, the Commercial International Bank (CIB), Banque Du Caire, QNB Al-Ahly, Credit Agricole - Egypt, Faisal Islamic Bank of Egypt, and Development and Housing Bank.

 

The CBE stated that the net return of the top 10 banks reached LE 247.968 billion at the end of December 2022, net activity revenues of LE 303.540 billion, and their total expenses amounted to LE 202.015 billion.

 

This comes at a time when the net returns of the largest five banks amounted to about LE 216.375 billion, and net activity revenues amounted to about LE 265.630 billion, while their total expenses amounted to about LE 171.468 billion at the end of September.

 

According to the report, the return on average assets in banks recorded 1.2 percent at the end of December 2022, without significant change since the beginning of the year, and the return on average equity recorded 16.1 percent, while the net margin of return reached 4.2 percent.

 

It pointed out that the return on average assets in the largest 10 banks amounted to 1.4 percent, and the return on average equity recorded 20.2 percent, while the net margin of return reached 4.3 percent.

 

According to the Central Bank, the return on average assets of the largest five banks was 1.3 percent, and the return on average equity was 21 percent, while the net margin of return reached 4.3 percent.