Bank Assets soar to EGP13.798 tn by June-2023 end

The assets of banks increased to EGP 13.798 tn by the end of June 2023, according to a recent report from the Central Bank of Egypt, compared to EGP11.399 tn at the end of 2022, with a growth rate of 21.05%, and an increase of EGP 2.399 tn.

The report also added that the assets of the top 10 banks increased to EGP10.950 tn by the end of June 2023, compared to EGP 8.957 tn at the end of December 2022, with a growth rate of 22.25%, and an increase of EGP1.993 tn.

The largest 10 banks operating in the Egyptian banking market accounted for approximately 79.36% of the total assets of the banking sector by the end of June 2023.

The total financial position of the banks (excluding CBE) revealed an increase in the banks' capital to EGP 323.776 bn by the end of June 2023, compared to EGP303.027 bn at the end of 2022, with a growth rate of 6.85%, and an increase of EGP 20.749 bn.

Customer deposit portfolios also increased from EGP8.562 tn at the end of 2022 to EGP 9.451 tn at the end of June 2023, with a growth rate of 10.38% and an increase of EGP889 bn.

Additionally, lending and discount balances for customers increased by about 17.25% during the first half of the current year, reaching EGP 4.799 tn by the end of June 2023, compared to EGP 4.093 tn at the end of 2022, with an increase of EGP 706 bn.

Reserves jumped to EGP492.386 bn by the end of June 2023, compared to EGP 437.135 bn at the end of 2022, with a semi-annual growth rate of 12.64%, and an increase of EGP55.251 bn.

Provisions also increased from EGP256.093 bn at the end of 2022 to EGP 305.455 bn at the end of June 2023, with a growth rate of 19.28% and an increase of EGP 49.362 bn.