The Banking Executive Magazine - November 2022 Issue

TOP 10 SAUDI BANKS SEE 9.3% SURGE IN Q3 NET PROFIT The top 10 banks in Saudi Arabia witnessed robust growth in prof- itability as net profit increased 9.3 percent quarter-n-quarter (QoQ) resulting in a return on equity (RoE) of 14.8 percent in the third quarter (Q3) of 2022, a report said. Profitability was underpinned by higher total interest income of 15.9 percent QoQ and lower im- pairment charges for the quarter of 15.4 percent QoQ, according to the latest Saudi Arabia (KSA) Banking Pulse for Q3 2022 re- leased by leading global profes- sional services firm Alvarez & Marsal (A&M). In the third quarter, aggregate L&A grew by 2.9 percent QoQ and continued to outpace the growth in deposits 0.2 percent QoQ. The operating income in- creased by 4.9 percent QoQ, pri- marily driven by growth in total interest income mainly due to Banked Egyptians The number of banked Egyptians soared by 131% between 2016 and mid-2022, according to a survey conducted by the Central Bank of Egypt (CBE). The survey is part of the CBE's finan- cial inclusion strategy for 2022- 2025, which was launched on November 27th, with the aim to set key objectives and priorities for cre- ating financial inclusion in the coun- try. The survey showed that around 60.6% of Egyptians above the age of 16, which amount to 65.4 million citizens, have bank accounts. Fifty-two percent of consumers above 16 years use cash in transfers, while 34% receive digital transfers, the survey added. Moreover, the survey also showed that 11% of adult consumers make payments using digital financial serv- ices. However, data discovers an 8.2% gender gap in transactional account ownership. the BANKING EXECUTIVE 18 ISSUE 167 NOVEMBER 2022 Banked Egyptians INCREASE BY 131% IN 6 YEARS: CBE