Banks capital jumps to 13.74bn pounds in April: CBE Egypt

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The capital of banks operating in the Egyptian market climbed to 13.74 billion Egyptian pounds at the end April 2017, compared with 114.561 billion pounds at the end of March 2017, according to the Central Bank of Egypt (CBE).

The increase came as a result of using a part of the reserves, as well as the revaluation of capital in foreign exchange in some banks on the basis of the new dollar price against the pound at the end of April.

According to the CBE’s latest report on the performance of banks in April and May 2017, the banks’ reserves fell to  183.323 billion pounds at the end of April, compared to 198.3 billion pounds at the end of March.

At the same time, the banks increased their allocations to deal with distressed and bad debts of 373 million pounds in April, compared to 109.784 billion pounds in March.

The net deficit of foreign assets in banks operating in the domestic market fell to the equivalent of 22.33 billion pounds at the end of April from around 50.75 billion pounds at the end of March.

Source: Daily news