Profitx of 12 banks listed on the Egyptian Exchange (EGX) grew 24.3 percent year-on-year during the first quarter of the financial year 2018/2019. The banks' first-quarter profits went up to 8.453 billion Egyptian pounds ($500 million) from 6.799 billion pounds ($410 million) a year earlier, according to data compiled by Mubasher. Commercial International Bank – Egypt (CIB) topped EGX-listed banks in terms of profits growth in the three-month period ended 31 March, reporting a 30.69% year-on-year increase in consolidated profits for the first quarter of 2019. The bank's net profit totalled 2.64 billion pounds during the three-month period ended in March, compared with 2.02 billion pounds in the year-ago period. Qatar National Bank Al Ahli (QNB Al Ahli) came second, recording a 2.6 percent year-on-year profit increase in the first quarter. QNB Al Ahli's consolidated net profit of 2.022 billion pounds during the first quarter of 2018, 2.6 percent increase from 1.6 billion pounds, including minority shareholders' equity. Faisal Islamic Bank of Egypt (FAIT) occupied the third position in the list, posting 850.8 million pounds ($49.09 million) profit from January to the end of March, up 9.3 percent year-on-year from the comparative period in 2017. Source: Mubasher
