São Paulo – Gross profit was up 25% year-to-date through September for Egyptian banks, local daily Al Ahram reported quoting Central Bank of Egypt (CBE) numbers.
Total gross profit was EGP 60.7 billion year-to-date through September (USD 3.7 billion at current exchange rate), up from EGP 48.5 billion (USD 3 billion) a year ago.
The CBE said the result was driven by gross revenue, which went from EGP 113.8 billion (USD 7 billion) through September 2018 to EGP 128.4 billion (USD 8 billion) through September 2019.
The CBE also said Egypt’s balance of payments ran a USD 227 billion surplus in Q1 of fiscal year 2019/2020, down 19.9% from a USD 284.1 billion balance of payments surplus in fiscal year 2018/2019. Balance of payment numbers reflect a country’s trade with the world.
Translated by Gabriel Pomerancblum
