CBE: Bank Assets grow by 8.7%, recording EGP15.43tn by end of February 2024

The latest monthly statistical bulletin of the Central Bank of Egypt, issued a little while ago on its official website, revealed an increase in bank assets (excluding CBE) from EGP14.201tn at the end of 2023, to EGP15.429 tn by the end of February 2024, growing by a rate of 8.65%, and an increase of EGP1.228tn during the period from January to February 2024.

Lending and discount balances for customers increased to EGP 5.78 tn at the end of February 2024, compared to EGP5.46 tn at the end of 2023, with a growth rate of 6% and an increase of EGP321.67bn during the first quarter of 2024, Banks' capital settled at EGP 410.9bn at the end of February 2024.

Reserves increased by 32% to reach EGP 628.31 bn at the end of February 2024, compared to EGP 476.5 bn at the end of 2023, with an increase of EGP 151.84 bn.

Provisions increased by 3% to reach EGP356.55bn at the end of February 2024, compared to EGP346.92 bn at the end of 2023, with an increase of EGP 9.62 bn.

Long-term bonds and loans in banks increased by 10%, reaching EGP 622.66 bn at the end of February 2024, compared to EGP566.39 bn at the end of 2023, with an increase of EGP56.27bn.

The balances in Egyptian banks reached EGP 3.17 tn at the end of February 2024, compared to EGP2.61tn at the end of 2023, with a growth rate of 21.70% and an increase of EGP 565.68 bn.