Egyptian banks report record profits of EGP 534.8bn in 2024
Banks operating in the Egyptian market recorded net profits of EGP 534.8bn in 2024, compared to EGP 283.4bn at the end of 2023, the Central Bank of Egypt (CBE) revealed on Wednesday.
The CBE’s report also indicated that the total financial position of banks in Egypt reached EGP 20.799trn by the end of December 2024.
According to the report, the net return for banks amounted to EGP 915bn by the end of 2024, up from EGP 582.5bn at the end of 2023. Net operating revenues reached EGP 1.116trn, compared to EGP 686.2bn.
However, banks’ expenses also increased, reaching EGP 581.6bn by the end of 2024, compared to EGP 402.8bn at the end of 2023.
The CBE further detailed the assets of banks operating in the local market, excluding the central bank itself. Cash balances totalled EGP 182.1bn, while balances held by banks with each other domestically reached EGP 3.757trn. Balances held with banks abroad amounted to EGP 992.7bn.
Lending and discount balances for clients recorded EGP 8.375trn, while the portfolio of securities and bank investments in treasury bills reached EGP 6.659trn. Other assets, which the CBE did not specify, amounted to EGP 832.8bn.
On the liabilities side, the CBE reported that the capital of banks totalled EGP 575.2bn, and reserves recorded EGP 803.2bn. Provisions amounted to EGP 558.6bn.
Banks’ obligations to each other domestically totalled EGP 1.718trn, while their obligations to banks abroad reached EGP 643.6bn. Total deposits amounted to EGP 13.481trn, while long-term bonds and loans totalled EGP 970.8bn. Other liabilities, which the CBE did not specify, amounted to EGP 2.047trn.
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