The Central Bank of Egypt (CBE) has announced that the banking sector’s September 2020 net profits were recorded at about EGP 45.549 billion.

In a report published on Sunday, the CBE states that the sector’s net return has been calculated as LE 110.670 billion, with net income from operating activities recorded at around LE 132.208.

Total expenditures were noted as around LE 86.659 billion in the third quarter of this year.

Net profits from the top ten banks in the Egyptian banking sector were recorded as about LE 29.852 billion, amounting to 65.5% of the total profits in the banking sector.  

Net returns from the top ten banks were logged at about LE 73.975 billion, net income from operating activities reached about LE 87.521 billion, while total expenses were about LE 57.669 billion.

The CBE did not officially disclose the names of the top ten banks, it is widely recognised that they are the National Bank of Egypt, Banque Misr, CIB, Banque du Caire, QNB Alahli, Arab African International Bank, HSBC, Faisal Islamic Bank of Egypt, Alexbank, and Credit Agricole.

Net profits from the five largest banks were noted as 46.1% of the sector’s total profits, coming in at around LE 21.022 billion.

The net return of the five largest banks were recorded at about LE 53.194 billion, and the net income from operating activities amounted to about LE 63.215 billion, while total expenditures reached about LE 42.193 billion in September 2020.