Egyptian banks’ revenues surge to EGP 90.5 bln, profits decline to EGP 36.9 bln in Q3 FY 2019/20: CBE

Egyptian banks’ revenues surge to EGP 90.5 bln, profits decline to EGP 36.9 bln in Q3 FY 2019/20: CBE

Profits of Egyptian banks declined by 6.1 percent in the third quarter of FY 2019/2020 to reach EGP 36.9 billion by the end of March, down from EGP 39.3 billion in the same quarter of 2019, according to Central Bank of Egypt (CBE) data.

Banks' net revenues surged to EGP 90.5 billion by the end of March, up from EGP 80.4 billion in the same period in 2019, according to the CBE.

Net revenues of banks' activities increased slightly to EGP 110.7 billion by the end of March, up from EGP 102.5 billion by the end March 2019, reported the CBE, while banks' total expenses increased to EGP 73.8 billion by the end of March 2020, up from EGP 63.2 billion by the end of March 2019.

Domestic banks' financial position also saw an increase to reach EGP 6.16 trillion by the end of March 2020, up from EGP 5.66 trillion by the end of March 2019, with a total increase of EGP 497 billion that constitute 8.8 percent due to the increase in loans, deposits and securities investments, according to the CBE.

Banks' assets grew to reach EGP 2.37 trillion by the end of March 2019, increasing by 34.3 percent compared to March