Banks operating in Egypt report profits during 1H 2022

Banks operating in the Egyptian market achieved a total net profit of EGP 56.868bn in the first half (1H) of 2022.

The Central Bank of Egypt (CBE) revealed, in its quarterly report on the financial safety indicators for banks, issued today, Sunday, that the banks achieved a net return of EGP 141.032bn and the net activity revenues amounted to EGP 171.462bn, while expenses recorded EGP 114.595bn.

The Central Bank indicated that the top ten banks acquired 77.63% of the banks’ total net profits, as they achieved net profits of EGP 44.148bn.

It added that the top 10 banks achieved a net return of EGP 106.959bn, net activity revenues amounted to EGP 130.534bn, and total expenses of EGP 86.385bn.

According to the Central Bank, the five largest banks accounted for 64.1% of the banks’ net profits, as their net profits amounted to EGP 36.495bn.

It explained that the five major banks achieved a net return of EGP 90.021bn, net activity revenues amounted to EGP 109.840bn, and total expenses amounted to EGP 73.346bn.

In a related context, the Central Bank revealed that the total financial position of banks operating in the local market, other than the Central Bank, increased to about EGP 10.037trn in the first half of 2022, compared to about EGP 9.413trn in March 2022, an increase of about EGP 624bn.

This report’s information was first seen on ZAWYA; to read more, click this link.