Egyptian banks have registered “impressive growth” in the Banker’s Top 1000 World Banks report during the fiscal year (FY) 2013/2014, global financial institute The Banker said in a report conducted for Egypt Business Directory.
“Banque Misr, CIB [Commercial International Bank] Egypt and the National Bank of Egypt all posted increases to their pre-tax profits, which grew 23.55%, 23.12% and 4.02%, respectively,” the report read.
The report added that the three banks reported positive asset growth. The CIB’s assets grew by 9.89%, followed by Banque Misr, which grew by 2.86%, and the National Bank of Egypt, growing by 1%.
The report noted, however, that the performance of these banks was offset by a fall in Tier 1 capital. The National Bank of Egypt fell from the 328th position it recorded in 2013 to the 404th position while the CIB fell from the 517th position to the 535th.
Organizing the banks by their Tier 1 capital, the report illustrated that China toped the Top 1000 Banks list, taking the first and second position with the ICBC and China Construction Bank, and having two other banks in the top 10. According to the report, China currently accounts for one third of all banking profits.
The Top 1000 banks list also included four banks from the United States, one bank from the United Kingdom and one from Japan.
Daily News Egypt
28 July
