Banks operating in the Egyptian market achieved net profits of approximately EGP 156.22 billion (3.24 billion) in the first quarter of 2024, according to data released by the Central Bank of Egypt (CBE).
The net income of banks during this period amounted to around EGP 184.73 billion ($3.83 billion), with total activity revenues reaching EGP 249.08 billion ($5.17 billion) and total expenses recorded at EGP 92.85 billion ($1.92 billion).
The top ten banks captured around 80% of the total profits, amounting to approximately EGP 124.55 ($2.58 billion), while the top five banks accounted for about 63% of the sector’s profits, totalling EGP 98.49 billion ($2.05 billion). The latter group included the National Bank of Egypt, Banque Misr, Commercial International Bank, Banque du Caire, Faisal Islamic Bank of Egypt, and the Housing and Development Bank.
The report revealed that the net income of the top ten banks during the first quarter of this year was about EGP 138.03 billion ($2.86 billion), with total activity revenues of EGP 188.23 billion ($3.9 billion) and total expenses of EGP 63.68 billion ($1.32 billion).
Looking at the top five banks operating in the country, the net income was approximately EGP 112.03 billion ($2.32 billion), with total activity revenues of EGP 153.63 billion ($3.19 billion) and total expenses amounting to EGP 55.14 billion ($1.14 billion) in the first three months of the year.
The CBE also reported that the return on average equity (ROAE) for banks operating in the local market surged to 32.2% in March 2024, up from 17.7% in December 2023. Additionally, the return on average assets (ROAA) increased to 2%, compared to 1.2%, and the net interest margin (NIM) rose to 5.2% from 3.8%.
The ROAE for the top ten banks was 33.6%, with an ROAA of 2% and an NIM of 5%. For the top five banks, the ROAE was 33.1%, the ROAA was 1.8%, and the NIM reached 4.8%.
