Egyptian Banks Report Net Profits of EGP 426.9 Billion in 2024

Egypt’s banking sector has reported robust financial results for the first nine months of 2024, with net profits reaching EGP 426.911 billion. The sector also recorded a total net return of EGP 669.365 billion and net activity revenues amounting to EGP 828.556 billion.

Total expenses during the period stood at EGP 401.645 billion, reflecting efficient cost management across the industry.

The sector’s growth was largely propelled by its leading institutions, with the top 10 banks contributing 79.73% of the total profits. These banks generated EGP 340.411 billion in net profits, with a combined net return of EGP 521.694 billion and net activity revenues of EGP 650.077 billion. Their total expenses during this period amounted to EGP 309.666 billion. Narrowing the focus further, the top five banks accounted for 65.06% of the sector’s profits, totaling EGP 277.749 billion.

These banks achieved a net return of EGP 434.524 billion, net activity revenues of EGP 545.96 billion, and expenses of EGP 268.227 billion. Among these leading financial institutions are the National Bank of Egypt (NBE), Banque Misr and Commercial International Bank (CIB).

Return metrics across the sector remained stable, highlighting consistent performance. As of September 2024, the return on average equity (ROAE) was 32.2%, matching earlier figures from the year. The return on average assets (ROAA) stood at 2%, while the net return margin (NRM) was 5.2%. The top 10 banks posted slightly stronger metrics, with an ROAE of 33.6%, an ROAA of 2%, and an NRM of 5%. The top five banks reported an ROAE of 33.1%, an ROAA of 1.8%, and an NRM of 4.8%, reflecting their continued efficiency and profitability.