Egyptian banking sector’s net profits reach $4bln during 2019

Banks operating in the Egyptian market achieved net profits of 83 billion Egyptian pound ($ 4 billion) by the end of 2019, according to the Central Bank of Egypt (CBE).

In a recent report, the CBE said that the largest five banks accounted for about  50.1 percent of the total profits achieved by banks operating in the local market, as the amount of profits achieved by these banks reached about 41.6 billion Egyptian pounds.

The top 10 banks acquired  58.7 billion pounds, equivalent to about 70.6 percent of the banks’ total profits.

The top banks in Egypt include the National Bank of Egypt, Banque Misr, the Commercial International Bank, Banque du Caire, QNB Alahli, Credit Agricole – Egypt, Faisal Islamic Bank of Egypt, and the Housing and Development Bank.

According to the CBE, the net returns achieved by banks operating in Egypt during 2019 recorded 154.9 billion pounds, and the share of the top 10 banks amounted to 107.6 billion pounds.