CBE releases local banking sector’s financial position in Feb. 2024, surging by LE 943B MoM

Cairo – June 24, 2024: Banks operating in Egypt reported a significant increase in the sector’s total financial position month-on-month, surging to LE 15.429 trillion in February 2024 compared to LE 14.486 trillion reported in January 2024, marking a substantial rise of LE 943 billion.

According to new data from the Central Bank of Egypt (CBE), cash balances held by banks operating in Egypt amounted to LE 109.394 billion in February, explained the CBE.

Customer lending and debit balances in February reached LE 5.783 trillion, complemented by a substantial securities portfolio and bank investments in treasury bills amounting to LE 5.072 trillion. Other assets, though not specified in detail by the CBE, summed up to LE 829.408 billion.

Regarding liabilities, the banks’ capital stood at LE 410.879 billion, while reserves totaled LE 628.312 billion, and allocations amounted to LE 356.546 billion.

Liabilities among banks domestically registered LE 1.078 trillion, and liabilities towards foreign banks came in at LE 428.997 billion.

Balances of bonds and long-term loans accounted for LE 622.622 billion, with other liabilities amounting to LE 1.371 trillion.

Deposits witnessed a notable uptick during February 2024, reaching approximately LE 10.617 trillion, up from LE 10.3 trillion in January 2024—an increase of approximately LE 317 billion.

Government deposits in banks were reported at about LE 2.527 trillion, split between LE 2.023 trillion in local currency and LE 504.349 billion in foreign currencies.

Non-governmental deposits amounted to LE 8.089 trillion, with LE 6.492 trillion in local currency and LE 1.597 trillion in foreign currencies.

The household sector claimed the largest share of total deposits, constituting 74.5 percent of the market share in February, holding approximately LE 5.038 trillion in local currency deposits and LE 934.349 billion in foreign currency deposits.

Credit facilities extended by banks to customers surged to LE 5.783 trillion in February, reflecting an increase of LE 985 billion since July 2023.

This growth was largely driven by expanded credit to the government and non-government sectors, totaling LE 683 billion and LE 302 billion, respectively.

The overall domestic liquidity within Egypt’s banking sector also expanded significantly, reaching approximately LE 9.125 trillion by February —an increase of LE 876.7 billion from July 2023.