Bank deposits soars to EGP 9.451 tn by June 2023- end

According to a recent report from CBE, deposits in the banking sector (excluding CBE) increased to EGP 9.451 tn by the end of June 2023, compared to EGP8.562 tn at the end of 2022, with a growth rate of 10.37% and an increase of EGP888 bn.

The report also stated that the deposits of the top 10 banks reached about EGP7.386 tn by the end of June 2023, compared to EGP6.663 tn at the end of 2022, with a semi-annual growth rate of 10.85%, an increase of EGP723 bn.

The top 10 operating banks in the Egyptian banking market held approximately 78.15% of the total banking sector deposits by the end of June 2023.

The list of total financial assets of banks (excluding CBE) revealed a growth rate of 21.05% on a semi-annual basis, reaching EGP13.798 tn by the end of June 2023, compared to EGP 11.399 tn at the end of 2022, with an increase of EGP 2.399 tn.

Lending and discount balances for customers increased by 17.95% during the first half of the current year, reaching EGP4.799 tn by the end of June 2023, compared to EGP4.093 tn at the end of 2022, with an increase of EGP706 bn.

The net profits of Egyptian banks (excluding CBE) recorded EGP 126.610 bn during the first half of 2023, with a net return of EGP 254.575 bn.