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Egypt’s banks log over EGP 50bn profits in 6M

Egypt’s banks log over EGP 50bn profits in 6M
The Central Bank of Egypt (CBE)

Cairo – Mubasher: Net profits recorded by banks operating in Egypt amounted to EGP 50.049 billion in the first half (H1) of 2020, while net revenue hit EGP 136.89 billion, as shown by data from the Central Bank of Egypt (CBE).

Revenues of banks’ activities reached EGP 169.21 billion in H1-20 whilst total expenses registered EGP 119.16 billion.

Over the January-June period, assets stood at EGP 6.408 trillion, deposits totalled EGP 4.68 trillion, reserves reached EGP 319.8 billion, and the capital amounted to EGP 173.7 billion.

At the same time, the net profits of the five largest banks in the Egyptian banking sector reached EGP 35.6 billion whilst their net revenue was EGP 95.19 billion.

The biggest 10 lenders generated EGP 41.43 billion in earnings and EGP 108.85 billion in net revenue during H1-20, according to a separate report.