The Central Bank of Egypts report, issued on Wednesday, revealed an increase in deposits in the banking sector

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Bank Deposits Increase to EGP 9.189 Tn by March-2023end, Top 10 Banks Acquiring 78.20%

6/15/2023 9:46:00 AM

The Central Bank of Egypt's report, issued on Wednesday, revealed an increase in deposits in the banking sector (excluding the central bank), reaching EGP 9.189 tn by the end of March 2023, compared to EGP 8.562 tn by the end of 2022, with a growth rate of 7.32% and an increase of EGP 626.72 bn.

The report also stated that the deposits of the top 10 banks amounted to EGP 7.186 tn by the end of March 2023, compared to EGP 6.663 tn by the end of 2022, with a quarterly growth rate of 7.85% and an increase of EGP 522.914 bn.

The largest 10 banks operating in the Egyptian banking market accounted for 78.20% of the total deposits in the banking sector by the end of March 2023.

Assets of the banks (excluding the central bank) revealed a 13.78% increase, reaching EGP 12.970 tn by the end of March 2023, compared to EGP 11.399 tn by the end of 2022, with an increase of EGP 1.571 tn.

Lending and customer discount balances increased by 9.48%, reaching EGP 4.481 tn by the end of the first quarter of 2023, compared to EGP 4.093 tn by the end of 2022, with an increase of EGP 388.207 bn.

Net profits of Egyptian banks (excluding the central bank) jumped by 50.09%, reaching EGP 55.279 bn during the first quarter of 2023, compared to EGP 36.831 bn during the same period in 2022, with an increase of EGP 18.448 bn.