The Central Bank of Egypt (CBE) announced that banks operating in the Egyptian market achieved net profits of approximately EGP 212.582bn in the first 9 months of 2023 (9M 2023).
According to the CBE’s report released on Monday, banks’ net revenue reached EGP 411.905bn at the end of September 2023, while net activity revenue amounted to EGP 486.126bn. Total expenses for the period stood at EGP 273.544bn.
The report highlights the dominance of the top ten banks, which collectively captured 75.021% of the sector’s profits, recording EGP 159.483bn. The five largest banks alone accounted for 61.007% of the sector’s profits, with EGP 129.692bn.
These leading banks include the National Bank of Egypt (NBE), Commercial International Bank (CIB), Banque du Caire, QNB Al Ahly, Credit Agricole – Egypt, Faisal Islamic Bank of Egypt, and Housing and Development Bank.
The report further reveals that the net revenue of the top ten banks during Q3 2023 reached EGP 315.620bn, with net activity revenue at EGP 369.144bn and total expenses at EGP 209.661bn.
Similarly, the five largest banks reported net revenue of EGP 265.926bn and net activity revenue of EGP 308.590bn at the end of September, while their total expenses amounted to EGP 178.898bn.
The CBE report also provides key profitability indicators for the banking sector. Return on average assets (ROAA) for all banks stood at 1.2% at the end of September 2023, while return on average equity (ROE) reached 17.7%. The net interest margin (NIM) came in at 3.8%.
The top ten banks demonstrated slightly higher profitability, with ROAA at 1.2%, ROE at 19.5%, and NIM at 3.6%. The five largest banks reported ROAA of 1.1%, ROE of 18.7%, and NIM of 3.4%.
