The Central Bank of Egypt reported that banks operating in the Egyptian market achieved net profits of approximately EGP 289.409bn in the first half (H1) of 2024.
According to the Central Bank’s latest report, net interest income across all banks reached EGP 425.067bn, while net operating income amounted to EGP 528.654bn. Total expenses for the sector were recorded at EGP 239.155bn.
The top 10 banks dominated the sector’s profitability, accounting for about 79.70% of total profits, or EGP 230.680bn. Furthermore, the top 5 banks contributed 64.68% of the sector’s profits, totalling EGP 187.198bn.
Leading the list of profitable banks are the National Bank of Egypt, Banque Misr, Commercial International Bank (CIB), Banque du Caire, QNB AlAhli, First Abu Dhabi Bank Egypt, Faisal Islamic Bank of Egypt, and Housing and Development Bank.
The report revealed that the top 10 banks collectively earned EGP 329.501bn in net interest income and EGP 411.812bn in net operating income, while their total expenses amounted to EGP 181.132bn during the first half of 2024.
For the top five banks, net interest income reached EGP 273.876bn, net operating income stood at EGP 344.410bn, and total expenses were recorded at EGP 157.212bn in June 2024.
The Central Bank also reported that the return on average equity (ROAE) for banks in the local market remained stable at 32.2% in H1 2024, unchanged from Q1. The return on average assets (ROAA) was steady at 2%, with a net interest margin (NIM) of 5.2%.
Among the top 10 banks, the ROAE stood at 33.6%, with a 2% ROAA and a NIM of 5%. For the top 5 banks, the ROAE was 33.1%, the ROAA was 1.8%, and the NIM reached 4.8%.
