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Reading: Banks operating in Egypt report EGP 56.8bn in profits during 1H 2022: CBE
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Dailynewsegypt > Blog > Business > Banks operating in Egypt report EGP 56.8bn in profits during 1H 2022: CBE
Business

Banks operating in Egypt report EGP 56.8bn in profits during 1H 2022: CBE

Hossam Mounir
Last updated: 2022/09/19 at 3:55 PM
By Hossam Mounir 3 Min Read
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Banks operating in Egypt report EGP 56.8bn in profits during 1H 2022: CBE
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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.

The CBE explained that on the assets side, cash balances in banks in June 2022 amounted to about EGP 76.532bn and the balances of banks with some of them at home amounted to EGP 1.608trn while their balances with banks abroad amounted to about EGP 222.074bn.

It added that the lending and discount balances to customers recorded about EGP 3.564trn while the stock portfolio and banks’ investments in treasury bills recorded EGP 3.739trn.

On the level of liabilities, the CBE explained that the banks’ capital amounted to about EGP 234.69bn, reserves recorded EGP 428.928bn, while the balance of provisions amounted to about EGP 219.589bn.

The commitments of banks towards each other in Egypt amounted to about EGP 303.226bn, while their obligations to banks abroad recorded EGP 219.252bn. The total deposits amounted to about EGP 7.353trn while the balances of bonds and long-term loans amounted to EGP 371.388bn.

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