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Financial position of banks in Egypt rises EGP 939bn in eight months

Financial position of banks in Egypt rises EGP 939bn in eight months
Credit facilities provided by banks reached EGP 2.573 trillion

Cairo – Mubasher: The financial position of banks operating in Egypt, excluding the Central Bank of Egypt (CBE), increased by EGP 939.1 billion or 14.7% to EGP 7.347 trillion in the first eight months of fiscal year (FY) 2020/2021, compared to EGP 6.408 trillion.

The portfolio of securities and investments in treasury bills (T-bills) amounted to EGP 2.7 trillion, according to data released by the CBE.

Balances at banks in Egypt reached EGP 1.05 trillion, while balances at banks abroad registered EGP 374.17 billion.

The total capital of banks amounted to EGP 174.7 billion, while reserves and provisions recorded EGP 333.74 billion and EGP 165.08 billion, respectively.

The total value of deposits reached EGP 5.355 billion.

Credit facilities provided by banks rose by EGP 372.6 billion or 16.9% to EGP 2.573 trillion in the first eight months of FY20/21.

The total credit facilities provided by banks to the government grew by EGP 207.9 billion or 30.9% to EGP 881.1 billion in the eight-month period ended 28 February.

Meanwhile, credit facilities provided by banks to non-government entities rose by EGP 164.7 billion or 10.8% to EGP 1.69 trillion.

Credit balances denominated in local currency amounted to EGP 607.13 billion, while credit balances denominated in foreign currency stood at EGP 273.9 billion.