Bank profits reach $3.17bln in June: Egypt's CBE

The CBE revealed that the top ten banks in the Egyptian market acquired about 82.79% of total bank profits

  

The Central Bank of Egypt (CBE) announced that total profits reported by banks operating in the Egyptian market amounted to about EGP 50.049bn at the end of June 2020.

In a report released on Wednesday, the CBE revealed that the top ten banks in the Egyptian market acquired about 82.79% of total bank profits, reporting about EGP 41.439bn in June 2020.

The National Bank of Egypt (NBE), Banque Misr, Commercial International Bank – Egypt (CIB), Banque du Caire, QNB Alahli, Credit Agricole – Egypt, the Faisal Islamic Bank of Egypt, and the Housing and Development Bank (HDB) topped the list of those banks.

The five biggest banks in the market acquired about 71.15% of the reported profits, to record about EGP 35.610bn by the end of June 2020.

Banks scored about EGP 136.896bn in net returns, with net activity revenues amounting to about EGP 169.217bn. At the same time, expenses recorded about EGP 119.168bn by the end of June 2020.

The top 10 banks in the local market recorded net returns of about EGP 108.865bn by the end of June 2020, with net revenues standing at about EGP 134.563bn, while expenses amounted to EGP 93.124bn.

As for the five largest banks in the market, net returns were recorded at about EGP 95.196bn, whilst net activity revenues stood at about EGP 118.529bn. These banks reported expenses of EGP 82.919bn.

The CBE report revealed that the total financial position of banks working in the local market reached EGP 6.408trn by the end of June 2020.

The financial position of the top 10 banks scored about EGP 4.950trn, and the financial position of the big five banks scored about EGP 4.303trn.

The stock portfolio and bank investments in treasury bills recorded about EGP 2.622trn by the end of June 2020.

According to the CBE, the volume of capital at banks in Egypt reached about EGP 173.701bn by the end of June 2020. The volume of reserves amounted to about EGP 319.817bn, while the volume of allocations recorded about EGP 150.079bn.

The capital of the biggest five banks scored about EGP 98.534bn, reserves of EGP 201.307bn, and allocations about EGP 82.930bn by the end of June 2020.

As for the top 10 banks, their capital recorded about EGP 120.109bn, with reserves reported at about EGP 239.968bn, and provisions at EGP 101.583bn.

While the CBE did not disclose the names of the top five or ten banks in the local market, it is known that they are led by the NBE, Banque Misr, CIB, Banque du Caire, QNB Alahli, Arab African International Bank, HSBC, the Faisal Islamic Bank of Egypt, AlexBank, and Crédit Agricole – Egypt.

© 2020 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).

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