Net profits of banks jump 50.09% during Q1-2023, reaching EGP55.279 bn

The latest report by the Central Bank of Egypt issued on Wednesday, revealed a 50.09% increase in net profits of Egyptian banks (excluding the central bank), amounting to EGP55.279 bn during the first quarter of 2023, compared to EGP36.831 bn during the same period in 2022, with an increase of EGP18.448 bn.

Total Assets of banks (excluding the central bank) showed an increase in total assets of banks by 13.78%, reaching EGP12.970 tn by the end of March 2023, compared to EGP11.399 tn by the end of 2022, with an increase of EGP1.571 tn.

The portfolio of customer deposits rose from EGP8.562 tn at the end of 2022 to EGP9.189 tn at the end of March 2023, with a growth rate of 7.32% and an increase of EGP626.72 bn.

Lending and discount balances for customers increased by 9.48%, reaching EGP4.481 tn by the end of the first quarter of 2023, compared to EGP4.093 tn by the end of 2022, with an increase of EGP388.207 bn.