Egyptian banks’ profits decline 6.1% in Q3 of FY2020 – CBE

Egyptian banks’ profits dropped 6.1 percent to 36.9 billion Egyptian pounds ($2.3 billion) during the third quarter of the financial year 2019/2020 from 39.3 billion pounds last year, according to the Central Bank of Egypt (CBE) data.

Banks’ net revenues rose to 90.5 billion pounds at the end of March against 80.4 billion pounds during the same period in 2019, Ahram Online reported on Monday.

Revenues of banks’ activities increased to 110.7 billion pounds at the end of last March versus 102.5 billion last year, reported the CBE.

The banks’ total expenses climbed to 73.8 billion pounds, compared with 63.2 billion at the end of March 2019.

Domestic banks’ financial position also surged to 6.16 trillion pounds, compared to 5.66 trillion pounds at the end of March 2019, marking an a increase of 497 billion pounds that constitute 8.8 percent due to the increase in loans, deposits, and securities investments, according to the CBE.

Banks’ assets grew to 2.37 trillion pounds at the end of March 2019, marking a 34.3 percent increase owing to the increase in banks’ investments in T-bills and securities investments, especially because the banking system takes over 50 percent of T-bills investments.