Banks' Assets Rise to EGP 12.97 Tn by March-2023end, Top 10 Banks Acquiring 79.46%
The Central Bank of Egypt's report, released on Wednesday, revealed an increase in the assets of the banking sector, reaching EGP 12.97 tn by the end of March 2023, compared to EGP 11.399 tn by the end of 2022, with a growth rate of 13.78% and an increase of EGP 1.571 tn.
The report further stated that the assets of the top 10 banks rose to EGP 10.306 tn by the end of the first quarter of 2023, compared to EGP 8.957 tn by the end of 2022, with a growth rate of 15.07% and an increase of EGP 1.349 tn.
The largest 10 operating banks in the Egyptian banking market accounted for 79.46% of the total assets of the banking sector by the end of March 2023.
Total Assets of banks (excluding the central bank) revealed an increase in the banks' capital to EGP 322.646 bn by the end of the first quarter of the current year, compared to EGP 303.027 bn by the end of 2022, with a growth rate of 6.47% and an increase of EGP 19.619 bn.
Customer deposit portfolio increased from EGP 8.562 tn by the end of 2022 to EGP 9.189 tn by the end of March 2023, with a growth rate of 7.32% and an increase of EGP 626.72 bn.
Lending and discount balances for customers rose 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.
Reserves jumped to EGP 488.708 bn by the end of March 2023, compared to EGP 437.135 bn by the end of 2022, with a quarterly growth rate of 11.80% and an increase of EGP 51.573 bn.
Provisions increased from EGP 256.093 bn by the end of 2022 to EGP 295.444 bn by the end of the first quarter of 2023, with a growth rate of 15.37% and an increase of EGP 39.351 bn.
