Egyptian bank assets rise 14 percent in first three months of 2023

Ahram Online , Wednesday 14 Jun 2023

Egyptian bank assets increased by 14 percent to nearly EGP 13 trillion ($420.71 billion) during the first three months of 2023, up from EGP 11.4 trillion recorded at the end of December 2022, according to data released by the Central Bank of Egypt (CBE) on Wednesday.

The Egyptian Central Bank offices in Cairo, Egypt. AP
The Egyptian Central Bank offices in Cairo, Egypt. AP

 

Balances with banks reached EGP 2.2 trillion between January and March 2023, while loans and discounts for customers amounted to EGP 4.48 trillion.

Total bank deposits registered EGP 9.19 trillion at the end of March 2023, with total profits for the same period amounting to EGP 55.28 billion.

Deposits to assets ratio of Egyptian banks reached 70.9 percent, down from 75.2 percent by the end of December 2022.

Meanwhile, loans to deposits ratio rose to 48.9 percent in January-March 2023, up from 47.9 percent recorded at the end of last year.

Liabilities

The banking sector's obligations to banks in Egypt increased by 35.6 percent, reaching EGP 520.43 billion, in the first quarter of 2023, compared to EGP 383.8 billion by the end of 2022.

Obligations to banks abroad soared by 45 percent, reaching EGP 432.55 billion in the same period, up from EGP 298.42 billion in December 2022.

Moreover, banks' bonds and long-term loans reached EGP 546.08 billion.

Egypt's net foreign assets (NFAs) deficit increased by EGP 51.456 billion ($1.66 billion), reaching  EGP 755.688 billion ($24.42 billion) in March 2023, compared to EGP 704.232 billion ($22.76 billion) in February.

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