FILE - Deputy Chairman of the National Bank of Egypt Yehia Abul Fotouh FILE - Deputy Chairman of the National Bank of Egypt Yehia Abul Fotouh

NBE deposits record LE 1T for 1st time in Egyptian banks

Thu, Mar. 1, 2018
CAIRO – 1 March 2018: Vice Chairman of the National Bank of Egypt (NBE) Yehia Abul Fotouh said that the bank’s deposit portfolio increased to record LE 1 trillion – LE 1,000 billion – for the first time in Egyptian banks’ history.

Total Egyptian deposits in banks reached LE 3.218 trillion by the end of October 2017, compared to LE 3.176 trillion by the end of September of the same year, with an increase of LE 42 billion, Abul Fotouh added.

The Central Agency for Public Mobilization and Statistics (CAPMAS) said last month that bank deposits increased 43.1 percent in fiscal year 2016/2017 on a year-on-year basis to record LE 3027.8 billion.

The statement showed that bank deposits for the family sector rose 46.6 percent in 2016/2017 to reach LE 1938.8 billion and the deposits for the private sector leveled up 31.1 percent, amounting to LE 455.5 billion.

For public service sector, the deposits increased 40.4 percent to record LE 384.3 billion in 2016/2017.

CAPMAS added that the bank credit jumped 51.3 percent in 2016/2017 on a year-on-year basis, recording LE 1,427.5 billion.

Credit balances granted to the public business sector reached LE 475.1 billion in 2016/2017, marking a 79.2-percent increase, and the credit balance for the private sector rose 47.1 percent to achieve LE 676.2 billion in the same year.

The bank’s liquidity surplus rebounded 36.5 percent to record LE 1,600.3 billion in 2016/2017, according to CAPMAS’ statement.

CAPMAS attributed the increase in surplus liquidity to the rise of the deposits over the granted credit.

Additional Reporting by Ahmed Ya’koub.
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