By: Islam Fadl

Cairo – Mubasher: Profit of 12 banks listed on the Egyptian Exchange (EGX) grew 24.3% year-on-year during the first quarter of the fiscal year 2019.

The banks’ profit went up to EGP 8.453 billion ($500 million) in Q1-19, compared to EGP 6.799 billion ($410 million) a year earlier, according to data compiled by Mubasher.

Commercial International Bank - Egypt (CIB) topped EGX-listed banks in terms of profits growth in the three-month period ended 31 March, reporting a 30.69% year-on-year increase in consolidated profits for the first quarter of 2019.

The bank’s net profit totalled EGP 2.64 billion during the three-month period ended in March, compared to EGP 2.02 billion in the year-ago period.

Qatar National Bank Al Ahli (QNB Al Ahli) came second, recording a 2.6% year-on-year profit increase in Q1-19.

QNB Al Ahli’s consolidated net profit of EGP 2.022 billion for the first quarter of 2018, up 2.6% year-on-year from EGP 1.6 billion, including minority shareholders’ rights.

Faisal Islamic Bank of Egypt (FAIT) occupied the third position in the list, posting EGP 850.8 million ($49.09 million) profit from January to the end of March, up 9.3% year-on-year from the comparative period in 2017.

Translated by: Muhammad Abdul-Wakeel