The Central Bank of Egypt (CBE) announced that the gross profits of Egyptian banks has grown by 25 percent, recording EGP 60.7 billion by end of September up from EGP 48.5 billion at the same period in 2018.

CBE said that the profits increase came on the back of their gross revenues increase, which raised to EGP 128.4 billion by end of September 2019 compared to EGP 113.8 billion in 2018.

On the other hand, banks expenditures have recorded EGP 67.7 billion by end of September 2019, up from EGP 65.3 billion in 2018, according to CBE statement.

Ten banks topped the Egyptian bank system with gross profits of EGP 42.1 billion by end of September 2019, including National Bank of Egyp (NBE), Banque du Caire, Misr Banque, Commercial International Bank (CIB), and QNB ALAHLI.