CAIRO – 24 December 2018: The banks’ total financial position hiked 49.7 percent during fiscal year 2016/2017, reaching LE 4261.3 billion, with an increase of LE1415.2 billion, compared to fiscal year 2015/2016, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).
CAPMAS attributed this increase to the rise of deposit and current account balances by 43.1 percent or LE 911.7 billion, noting that deposit and current account balances account for 71.1 percent of total liabilities of the financial position, according to Egypt Today.
As a result of increased banks’ financial capacity, the value of long-term loans and cash balances in the fund increased significantly on the assets side, CAPMAS stated.
According to the CAPMAS bulletin, the value of deposits and current accounts in banks increased to reach LE 3027.8 billion, with an increase of 43.1 percent, compared to the previous year.
It said that private banks accounted for 53.2 percent of deposits amounting to LE 1609.6 billion, marking an increase of 36.6 percent.
The value of investments by financial banks rose 10.4 percent to reach LE 1416.7 billion, representing 46.8 percent of total deposits and current accounts in banks.
The bulletin clarified that public sector banks allocated 52.6 percent of financial investments amounting to745.4 billion pounds, with an increase of 10.4 percent.
As per loans and advances, the bulletin added that their value hiked 51.4 percent, recording LE 1418.4 billion, compared to the prior year, noting that private sector banks accounted for 56.8 percent of loans, amounting to LE 806.1 billion, with an increase of 48.2 percent.