Banks’ prof­its score EGP 48.499bn until Septem­ber 2018

Top five banks ac­count for 43.9% of prof­its, top 10 hold 61.07%: CBE

The Daily News Egypt - - Front Page - By Hos­sam Mounir

Banks op­er­at­ing in the Egyp­tian mar­ket achieved a net profit of EGP 48.499bn at the end of Septem­ber 2018,ac­cord­ing to the Cen­tral Bank of Egypt (CBE).

In a re­cent re­port, the CBE stated that the top five banks ac­counted for 43.949% of the total prof­its re­alised by banks. Col­lec­tively, the five banks achieved EGP 21.315bn of the net prof­its.

The top 10 banks posted prof­its of EGP 29.622bn equiv­a­lent to about 61.077% of the total prof­its.

Ac­cord­ing to the CBE, these prof­its were re­alised in the pe­riod from 1 Jan­uary to the end of Septem­ber 2018 for pri­vate banks, and from 1 July until the end of Septem­ber 2018 for gov­ern­ment banks.

The CBE did not dis­close the names of the top five or 10 banks, how­ever, the mar­ket named the Na­tional Bank of Egypt, Banque Misr, Com­mer­cial In­ter­na­tional Bank - Egypt (CIB), Banque du Caire, and QNB Alahli as the top banks.

The fi­nan­cial state­ments of the CIB, the largest pri­vate bank in Egypt, have re­vealed that the bank achieved prof­its of EGP 7.019bn dur­ing the pe­riod from Jan­uary to Septem­ber 2018, against EGP 5.67bn in the same pe­riod of 2017,grow­ing by 24%.

The QNB Alahli posted prof­its of EGP 5.38bn in the same pe­riod, against EGP 4.24bn in that pe­riod in 2017.

Ac­cord­ing to the CBE, the rev­enue achieved by banks until the end of Septem­ber 2018 amounted to EGP 85.832bn. The share of the largest 10 banks recorded EGP 60.53bn, which ac­count for 60.53%, while the share of the top five banks alone reached EGP 37.635bn, rep­re­sent­ing 43.84% of the total rev­enue.

The CBE said that the net op­er­a­tion in­come amounted to EGP 113.848bn. The top 10 banks ac­counted for EGP 69.119bn, equiv­a­lent to 60.711%, while the top five banks’ share reached EGP 49.94bn, ac­count­ing for 43.865%.

Mean­while, ex­penses at the end of Septem­ber amounted to EGP 65.349bn, in­clud­ing EGP 39.497bn by the top 10 banks, or 60.44%, and EGP 28.625bn by the top five banks, ac­count­ing for 43.803% of ex­pen­di­tures.

Newspapers in English

Newspapers from Egypt

© PressReader. All rights reserved.