$6bln net profits for banks in Egyptian market in 2023: CBE

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Egypt - Banks operating within the Egyptian market saw their net profits soar to EGP 283.388bn in 2023, a significant increase from the EGP 130.844bn reported in 2022.

The Central Bank of Egypt’s (CBE) annual report, released on Monday, highlighted that net revenues had reached EGP 582.497bn in December 2023. This div marks a substantial rise from the EGP 331.202bn recorded in December 2022.

Net activity revenues were reported at EGP 686.161bn, up from EGP 407.592bn, while total expenses climbed to EGP 402.773bn from EGP 276.748bn.

The report also noted an uptick in the total financial position of banks in the local market, which approximated EGP 14.2trn in 2023.

On the asset side, cash balances in banks were EGP 116.385bn, with local bank balances at EGP 2.606trn and foreign bank balances at EGP 323.372bn.

Customer lending and debit balances stood at EGP 5.462trn, and the combined value of the securities portfolio and investments in treasury bills was EGP 5.183trn. Other assets, not detailed by the CBE, totaled EGP 508.073bn.

Regarding liabilities, the CBE disclosed that bank capital reached EGP 410.877bn and reserves EGP 476.473bn, with allocations balancing at EGP 346.922bn.

Interbank obligations locally were about EGP 781.917bn, and towards foreign banks, EGP 429.275bn. Total deposits amounted to EGP 10.137trn, and the sum of bonds and long-term loans was EGP 566.388bn. Other liabilities, not specified in detail by the CBE, neared EGP 1.051trn.