Egypt’s banks financial position records $526bln in June: CBE

Five largest banks accounted for 73.74% of total net profits

  
People and vehicles are seen in a traffic jam in front of the old Central Bank of Egypt's headquarters in downtown Cairo, Egypt July 25, 2017. Image used for illustrative purpose.

People and vehicles are seen in a traffic jam in front of the old Central Bank of Egypt's headquarters in downtown Cairo, Egypt July 25, 2017. Image used for illustrative purpose.

REUTERS/Amr Abdallah Dalsh

ArabFinance: The financial position of banks operating in Egypt jumped by EGP 394 billion in June 2021, according to a recent quarterly report by the Central Bank of Egypt (CBE).

Egypt’s banks financial position stood at EGP 7.94 trillion in June 2021, compared to EGP 7.55 trillion in March 2021.

The central bank clarified that banks’ total capital amounted to EGP 185.35 billion by the end of June, compared to EGP 177.92 billion in March.

Banking reserves recorded EGP 362.18 billion, while the balance of allocations amounted to about EGP 170.34 billion.

Additionally, total deposits with banks amounted to about EGP 5.73 trillion, while the balances of bonds and long-term loans amounted to EGP 243.97 billion. The lending and discount balances to customers recorded about EGP 2.90 trillion, while the banks’ investment in treasury bills recorded EGP 2.87 trillion.

The report also showed that banks operating in Egypt achieved net profits worth EGP 51 billion by the end of June. The net return amounted to EGP 150.74 billion, activity revenues about EGP 185.11 billion, and total expenses about EGP 134.1 billion.

It is worth mentioning that the five largest banks accounted for 73.74% of total net profits to record EGP 37.61 billion and 70.6% of the net revenues to achieve about EGP 130.79 billion. The top five banks achieved collectively a net return of EGP 105.9 billion, while their expenses amounted to about EGP 93.17 billion.

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