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Total financial position of banks in Egypt increases to EGP 7.948trn in June 2021: CBE - Daily News Egypt

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Total financial position of banks in Egypt increases to EGP 7.948trn in June 2021: CBE

Net profits register EGP 51.006bn, investments in securities and treasury bills record EGP 2.871trn

The Central Bank of Egypt (CBE) revealed that the total financial position of banks operating in the local market, other than CBE, increased to about EGP 7.948trn in June 2021, compared to EGP 7.554trn in March 2021, an increase of EGP 394bn.

CBE clarified, in its quarterly report on the financial safety indicators of the banking system, that banks’ total capital amounted to EGP 185.357bn in June, compared to EGP 177.920bn in March. In addition, banking reserves recorded EGP 362.183bn, while the balance of allocations amounted to about EGP 170.349bn.

The report added that the total deposits with banks amounted to about EGP 5.731trn, while the balances of bonds and long-term loans amounted to EGP 243.973bn and the lending and discount balances to customers recorded about EGP 2.903trn, while the banks’ investment in treasury bills recorded EGP 2.871trn.

In the same context, CBE revealed that banks operating in Egypt recorded net profits of about EGP 51.006bn in June 2021.

It explained that the net return amounted to EGP 150.746bn, activity revenues about EGP 185.113bn, and total expenses about EGP 134.107bn.

According to CBE, the five largest banks accounted for 73.74% of total net profits to record EGP 37.613bn and 70.6% of the net revenues to achieve about EGP 130.792bn. The top five banks achieved collectively a net return of EGP 105.902bn while their expenses amounted to about EGP 93.179bn.

He pointed out that the top 10 banks accounted for 85.7% of the total profits, and accounted for 80.3% of the total revenues, with a value of EGP 148.823bn. The net return of the 10 largest banks amounted to EGP 121.177bn and total expenses EGP 105.061bn in June 2021.

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