{"id":568216,"date":"2020-12-22T04:17:16","date_gmt":"2020-12-22T04:17:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/why-banks-in-egypt-remain-profitable-chapter-xxii\/"},"modified":"2020-12-22T04:17:16","modified_gmt":"2020-12-22T04:17:16","slug":"why-banks-in-egypt-remain-profitable-chapter-xxii","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/why-banks-in-egypt-remain-profitable-chapter-xxii\/","title":{"rendered":"Why banks in Egypt remain profitable: Chapter XXII"},"content":{"rendered":"

<\/a> Profits in the banking sector have grown this year despite an acceleration of the<\/strong> central bank\u2019s easing cycle<\/strong>, a survey conducted by the local press<\/a> showed. Thirteen banks saw their net income and interest income increase during the first nine months of 2020 even as central bank cut rates by 300 bps in March. Just five banks saw their bottom line shrink during the period, according to the survey, which excluded state-owned giants National Bank of Egypt and Banque Misr.<\/p>\n

The leaders:<\/strong> Smaller players including Egyptian Gulf Bank (up 43%), \u064dSAIB Bank (+35%), Al Ahli Bank of Kuwait (+33%), and Al Baraka Bank Egypt (+27%) saw their net profits grow the fastest. Heavyweights Banque du Caire and CIB were also in the top 10, with net income increasing 25% and 22%, respectively.<\/p>\n

Operating income from loans and core operations at banks mostly decreased. <\/strong>But overall, only two banks were worse off following the interest cuts \u2014 Faisal Islamic Bank and Abu Dhabi Islamic Bank. Both faced higher interest expenses and unchanged income.<\/p>\n

What is happening here? Banks in Egypt lend less to the private sector.<\/strong> A large part of their income comes from investment in government debt, and according to the survey banks stepped up their holdings of long-term bonds during the height of the pandemic in 2Q. This approach has helped them remain financially sound despite the pandemic raising expectations of bad loans and forcing them to ramp up loan loss provisions<\/a>. That said, Fitch Ratings<\/a> recently raised a few red flags on why such \u201cweak internal capital generation\u201d might not be sustainable long-term.<\/p>\n

IN OTHER BANKING NEWS- BdC and Alexbank have scrapped two of their high-interest<\/strong> savings certificates and are mulling reintroducing them at lower yields<\/strong>, Masrawy<\/a> reports, citing unnamed employees at the banks. BdC had introduced three- and five-year certificates paying 13% and 13.5% interest and Alexbank three-year certificates with interest of up to 11.75% a few months back. The banks had been offering the certificates to use as collateral for borrowing. The decision to scrap them comes after state-owned NBE and Banque Misr in September<\/a> stopped issuing the 15% CDs they had introduced at the onset of the pandemic.<\/p>\n","protected":false},"excerpt":{"rendered":"

Profits in the banking sector have grown this year despite an acceleration of the central bank\u2019s easing cycle, a survey conducted by the local press showed. Thirteen banks saw their net income and interest income increase during the first nine months of 2020 even as central bank cut rates by 300 bps in March. Just […]<\/p>\n","protected":false},"author":1,"featured_media":568217,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7350],"tags":[204,409,72,7087,724,527],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-568216","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-banking","tag-earnings-watch","tag-enterpriseam","tag-finance","tag-monetary-policy","tag-pandemic","wpautop","entry"],"acf":{"mongo_id":"391be5b9-acd4-4da9-9a8e-b6890b9c795d","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/12\/375.jpg","photo_position":"above","related_issue":[568207],"teaser":"","voice_url":""},"yoast_head":"\nWhy banks in Egypt remain profitable: Chapter XXII - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/why-banks-in-egypt-remain-profitable-chapter-xxii\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why banks in Egypt remain profitable: Chapter XXII\" \/>\n<meta property=\"og:description\" content=\"Profits in the banking sector have grown this year despite an acceleration of the central bank\u2019s easing cycle, a survey conducted by the local press showed. 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Revenues came in at EGP 169.22 bn, while spending increased to EGP 119.17 bn over\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/9\/252.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574784,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/22\/nbe-banque-misr-scrap-high-interest-savings-certificates\/","url_meta":{"origin":568216,"position":1},"title":"NBE, Banque Misr scrap high-interest savings certificates","author":"enterpriseam admin","date":"22 September 2020","format":false,"excerpt":"NBE, Banque Misr scrap high-interest CDs: State-owned National Bank of Egypt (NBE) and Banque Misr have stopped offering 15% fixed-rate savings certificates launched in mid-March, the institutions told the local press (here and here). 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The House Economic Committee has proposed setting up two new banking sector funds \u2014 one effectively a deposit insurance and emergency bailout fund, the other a controversial industry development fund\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":558970,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/04\/mmmm-borrowing\/","url_meta":{"origin":568216,"position":3},"title":"Mmmm\u2026 Borrowing\u2026","author":"enterpriseam admin","date":"4 January 2021","format":false,"excerpt":"Expect corporate borrowing to boom this year \u2014 but bank margins to remain thin, our friends at Pharos say in their 2021 outlook for the sector. Last year\u2019s 400 bps of interest rate cuts \u2014 starting with 300 bps in March followed by 50 bps in each of September and\u2026","rel":"","context":"In "Banking"","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/1\/36.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561469,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/08\/under-pressure\/","url_meta":{"origin":568216,"position":4},"title":"Under pressure","author":"enterpriseam admin","date":"8 April 2021","format":false,"excerpt":"Egypt\u2019s banks could face further pressure on net income in 2021 due to the lower interest rate environment and a potential rise in bad loans when the Central Bank of Egypt (CBE) lifts support measures it introduced at the onset of the pandemic, Fitch Ratings said in a report yesterday.\u2026","rel":"","context":"In "Banking"","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":593612,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/03\/egypts-cabinet-approves-new-banking-and-central-bank-act\/","url_meta":{"origin":568216,"position":5},"title":"Egypt\u2019s cabinet approves new Banking and Central Bank Act","author":"enterpriseam admin","date":"3 October 2019","format":false,"excerpt":"LEGISLATION WATCH- Cabinet greenlights Banking Act: The Madbouly Cabinet has approved in its weekly meeting a 242-article final draft of the Banking and Central Bank Act that would grant the Central Bank of Egypt (CBE) increased oversight of the banking sector, according to a cabinet statement. 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