Loans up by EGP 10bn, deposits increase by EGP 42bn in October 2017: CBE

Hossam Mounir
3 Min Read
Charitable foundations in Egypt are seeing a higher demand in charitable donations in the first days of Ramadan (Photo from Al-Borsa News)

The value of loan portfolios of banks operating in the Egyptian market increased by EGP 10bn in October 2017 to reach EGP 1.424tn, up from EGP 1.414tn in September, according to the Central Bank of Egypt (CBE).

In a recent report, the CBE stated that loans directed to the private sector increased by EGP 10bn to EGP 1.068tn at the end of October, up from EGP 1.058tn at the end of September.

In contrast, government sector loans fell by EGP 300m to settle at EGP 356.1bn in October down from EGP 356.4bn in September.

The household sector accounted from EGP 248.6bn of total loans at the end of October, while industry accounted for EGP 378.7bn, and trade for EGP 103.3bn.

Moreover, the CBE noted that total credit granted by banks to clients of different sectors reached EGP 1.43tn at the end of October, up from EGP 1.42tn in September.

Total credit granted to the government reached EGP 356bn, including EGP 150bn in local currency and EGP 205bn in hard cash.

Non-government credit facilities amounted to EGP 1.07tn, including EGP 8.7bn for the agriculture sector. Meanwhile, industry accounted for EGP 215bn, trade for EGP 84bn, and services for EGP 191bn.

The CBE stated that deposits at banks hiked by over EGP 42bn in October 2017 to reach EGP 3.218tn, up from EGP 3.176tn in September.

The report indicated that total government loans fell by EGP 4bn to EGP 520.8bn in October, down from EGP 524.8bn in September.

Non-government deposits rose by EGP 46bn to EGP 2.697tn, up from EGP 2.651tn.

In a related context, the CBE said that the total financial position of banks operating in the local market increased to EGP 4.795tn at the end of October, up from EGP 4.688tn in September, growing by 2.2%.

Furthermore, the volume of outstanding balances of treasury bills amounted to EGP 1.105tn at the end of November 2017, up from EGP 1.03tn at the end of October.

These include 91-day bills worth EGP106.58bn, 182-day bills worth EGP 223.89bn, 266-day bills worth EGP 174.71bn, 273-day bills worth EGP 166.13bn, 357-day bills worth EGP 198.73bn, and 364-day bills worth EGP 235.7bn.

According to the CBE, foreign investment in treasury bills decreased by 0.98% during November 2017 compared to October 2017 to reach EGP 330.38bn.

Specialised banks’ investments in treasury bills recorded EGP 11.57bn at the end of November, compared to EGP 12.2bn in October.

The volume of public sector banks’ investments in treasury bills amounted to EGP 351.9bn, accounting for 31.8% of total outstanding volume of bills at the end of November.

Private sector banks’ investments in treasury bills accounted for 22.79% of volume at EGP 252.06bn, while foreign banks invested EGP 21.2bn.

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