ICEC

Egypt banking sector assets rise 1.2% in July – c.bank

The value of assets held by Egypt’s banking sector rose 1.2 percent to 5.140 trillion Egyptian pounds ($286.36 billion) in July from the same period a year earlier, a central bank data showed on Monday.

The Egyptian banking sector ranked fourth in the Arab world, in terms of asset size, and ranked first among banks in the non-oil Arab countries.

It accounts for 8 percent of Arab banks’ assets, and 9 percent of its deposits, according to a report by the General Secretariat of the Union of Arab Banks (UAB) released on Sunday.

Egypt is also among the top five banking markets in Africa in terms of growth and profitability, according to a study by management consulting firm McKinsey & Co released last March.

The McKinsey report showed that Egypt, Angola, Nigeria, South Africa, and Morocco, account for 68 percent of the continent’s total banking revenue pool.

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