CBE: Egypt’s banking sector net profit soars 118.9% in FY23

Egypt’s banking sector saw a 118.9 per cent increase in net profit for fiscal year 2023, surpassing the 29.8 per cent growth in fiscal year 2022, as per the Central Bank of Egypt (CBE) latest report.

The sector’s performance improved significantly in March 2024, with a 182.6 per cent increase in net profit compared to the previous year. This growth was driven by a higher net interest margin of 5.2 per cent and improved return on assets and equity at two per cent and 32.2 per cent, respectively, in fiscal year 2023.

Attribution: CBE’s Financial Stability Report – March 2024

Subediting: M. S. Salama