5 banks in Egypt account for 71.47% of banking sector profits at June-end

The five largest banks in Egypt acquired 71.47 percent of the total profits made by banks operating in the Egyptian market as of the end of June, according to the Central Bank of Egypt’s (CBE) latest report.

In a recent report, the CBE noted that banks made a net profit of 33.106 billion Egyptian pounds between January 2016 and the end of June 2016 for private banks, and from the start of July 2015 until the end of June 2016 for public banks.

The net profit of the biggest five banks in the market registered 23.66 billion pounds, equivalent to 71.47 percent of the total profit of all banks operating in Egypt. The top 10 banks realised a net profit of 27.512 billion pounds, equivalent to about 83.10 percent of the total profits made by banks.

The CBE did not disclose the names of those five or ten banks; however, the market has named the National Bank of Egypt, Banque Misr, Commercial International Bank, Banque du Caire, and QNB ALAHLI as the top five banks.

According to the CBE, net interest achieved by banks operating in Egypt amounted to about 63.74 billion pounds, of which 10 banks accounted for 50.96 billion pounds, equivalent to 79.95 percent of the figure. The share of the largest five banks reached 43.62 billion pounds, equivalent to about 68.42 percent of the total interest made by the banks combined.

The report noted that net operating income at banks registered 84.56 billion pounds, with the top 10 banks acquiring  65.15 billion pounds, which is equivalent to 77.05 percent. The largest five banks alone recorded a net operating income of  55.86 billion pounds, 66.05 percent of the total net operating income of the banking sector.

The total capital of banks operating in the Egyptian market amounted to 100.72 billion pounds, of which about 56.36 billion is from the largest five banks, including 48.86 billion pounds acquired by five banks.

Source: Daily News Egypt