Tuesday 26, June 2018 by Kudakwashe

Egyptian banks’ aggregate financial position breaks $5 trillion end-March 2018

 

The top 10 banks posted profits of EGP 18.16 billion, equivalent to about 62.6 per cent of total profits

  

The total financial position of banks operating in the local market reached EGP 5.10 trillion at the end of March 2018, reaching the EGP 5 trillion peak for the first time in the history of the Egyptian banking sector, reported Daily News Egypt.

In a recent report, the Central Bank of Egypt (CBE) said that the aggregate financial position of Egypt’s top five banks reached EGP 3.35 trillion, equivalent to about 65.7 per cent of the total financial position of the banking sector.

The list of the banks is topped by the National Bank of Egypt, Banque Misr, Commercial International Bank, Banque du Caire, and QNB Alahli.

The CBE said the return on average assets (ROAA) for banks operating in the Egyptian market was 1.5 per cent at the end of March 2018, down from 2 per cent at the end of December, September, June, and March 2017. The ROAA for the top 10 banks scored 1.4 per cent, while the top five’s was 1.5 per cent.

The volume of bank expenses by the end of March 2018 reached EGP 46.6billion, of which about EGP 31.5 billion was realised by the top five banks and EGP 35.2 billion by the top 10.

That jump in expenses comes alongside a recently mounting interest among banks to modernise their infrastructure, as well spread geographically through mini and regular branches, as well as ATMs and POS machines, in order to reach clients across Egypt, which has weighed on expenses, reported Daily News Egypt.

 

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