The banks operating in the Egyptian market achieved a net profit of approximately EGP 126.910bn by the end of the first half of the current year (1H 2023). The Central Bank of Egypt (CBE), in its quarterly report on the financial stability of banks, stated that the net return in banks reached approximately EGP 254.575bn by the end of June 2023. Meanwhile, the net activity revenues amounted to about EGP 299.313bn, and total expenses recorded approximately EGP 172.403bn. The report revealed that the net income of the top 10 banks recorded approximately EGP 193.867bn during the first half of 2023. Moreover, the net income recorded by the top 5 banks amounted to approximately EGP 162.871bn, while the net activity revenue reached around EGP 185.095bn.

Source: Daily News Egypt September 18, 2023 02:58 UTC