Cash balances hike 42% in FY 2015/16 YoY: CAPMAS

CAIRO – 18 July 2017: The value of Cash balances increased by 41.9 percent to LE 456.5 billion ($25.45 billion) in the fiscal year of 2015/16 compared to LE 322 billion ($17.95 billion) in the previous year, the Central Agency for Public Mobilization and Statistics (CAPMAS) said.

The financial position of banks rose 29.4 percent to LE 2,846 billion in FY 2015/16 compared to LE 2,199 billion in FY 2014/15.

Deposits and current accounts value reached LE 2,116 billion compared to LE 1,734 billion in FY 2014/15, with a 22 percent increase. The report attributed the rise to higher deposits and notification.

The value of the financial investments amounted to LE 1,284 billion, up by 26.3 percent from LE 1,016 billion from the previous year. This increase was due to increased investments available for sale, the report said.

Cash balances grew 41.9 percent in FY 2015/16 to reach LE 456.5 billion compared to LE 321.8 billion in FY 2014/15. Higher bank balances contributed to the growth.

The total financial position of insurance companies went up 10 percent year-on-year to LE 65.8 billion compared to LE 59.9 billion, while investments increased 8.9 percent to LE 57 billion.

Value of net premiums reached LE 13.2 billion in FY 2015/2016 compared to LE 11.7 billion in FY 2014/2015, with an increase of 13.6 percent, according to the report.