Cairo – March 20, 2025: According to a report from the Central Bank of Egypt (CBE) released on Wednesday, banks in Egypt experienced remarkable growth in 2024. Their net profits nearly doubled, reaching LE 534.8 billion, compared to LE 283.4 billion in 2023.
The CBE also noted a significant rise in the overall financial position of these banks, which amounted to LE 20.799 trillion by the close of December 2024, showing a strong upward trend from previous years and highlighting the sector's positive performance.
The report also revealed that net returns for banks operating in the country totaled LE 915 billion by the end of 2024, up from LE 582.5 billion the previous year.
Meanwhile, net operating revenues surged to LE 1.116 trillion, compared to LE 686.2 billion in 2023. However, this growth was accompanied by a rise in bank expenses, which reached LE 581.6 billion by the end of 2024, an increase from LE 402.8 billion in the previous year.
On the asset side, the CBE detailed a breakdown of the banking sector’s holdings. Cash balances stood at LE 182.1 billion, while interbank balances within Egypt amounted to LE 3.757 trillion. Foreign bank holdings were valued at LE 992.7 billion.
Furthermore, lending and discount balances for clients totaled LE 8.375 trillion, and the portfolio of securities and investments in treasury bills reached LE 6.659 trillion.
In terms of liabilities, the report indicated that the capital of Egyptian banks reached LE 575.2 billion, while reserves amounted to LE 803.2 billion. Provisions stood at LE 558.6 billion. Banks' obligations to each other within Egypt were recorded at LE 1.718 trillion, while liabilities to foreign banks totaled LE 643.6 billion.
Total deposits in the banking sector reached an impressive LE 13.481 trillion, with long-term bonds and loans amounting to LE 970.8 billion. Other unspecified liabilities were reported at LE 2.047 trillion.
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