Listed banks hold 28.80% of the banking sector net profits during H1-2023

Listed banks on the Egyptian stock exchange have performed well this year, with their net profits rising to EGP 36.549 bn in the first half of 2023, compared to EGP19.497 bn in the same period of 2022, marking a growth rate of 87.46% and an increase of EGP 17.052 bn.

The net profits of the listed banks on the Egyptian stock exchange, numbering 11 banks including CIB, QNB ALAHLI, HD Bank, Faisal bank, Credit Agricole bank, ADIB Egypt, EBank, alBaraka, EGBank, Suez Canal, and saib, constituted their earnings.

CIB was the bank that achieved the highest net profits, jumping by about 81.95% to reach EGP 14.14 bn in the first half of 2023, compared to EGP7.77 bn in the same period of 2022, with an increase of EGP6.37 bn.

CIB accounted for about 38.70% of the net profits of listed banks on the stock exchange and about 11.14% of the net profits of banks operating in the Egyptian banking sector during the first six months of this year.

QNB Al Ahli ranked second, with its net profits jumping from EGP4.41 bn in the first half of 2022 to EGP8.21 bn in the same period of 2023, with a growth rate of 86.09% and an increase of EGP3.8 bn.

The net profits of QNB Al Ahli accounted for about 22.47% of the net profits of listed banks and about 11.14% of the net profits of banks operating in the Egyptian banking sector during the first half of 2023.

HD Bank ranked third, achieving the highest net profits after recording EGP3.02 bn in the first half of 2023, compared to EGP1.20 bn in the same period of 2022, with an increase of EGP 1.81 bn and a growth rate of 150.41%, leading the list of the fastest-growing listed banks in net profits during the first half of this year.

HD Bank's share of net profits from listed banks reached about 8.25%, while its share in the net profits of banks operating in the banking sector as a whole during the first half was 2.38%.