Banks’ total financial position jumps 49.7 % in FY 2016/17: CAPMAS

The banks’ in Egypt total financial position increased 49.7 percent during fiscal year 2016/2017, recording 4261.3 billion Egyptian pounds, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).

It increased 1415.2 billion pounds, compared to fiscal year 2015/2016.

CAPMAS attributed this increase to the rise of deposit and current account balances by 43.1 percent or  911.7 billion pounds, noting that deposit and current account balances account for 71.1 percent of total liabilities of the financial position.

As a result of increased banks’ financial capacity, the value of long-term loans and cash balances in the fund increased significantly on the assets side, CAPMAS stated.

According to the CAPMAS bulletin, the value of deposits and current accounts in banks increased to reach 3027.8 billion pounds, with an increase of 43.1 percent, compared to the previous year.

It said that private banks accounted for 53.2 percent of deposits amounting to 1609.6 billion pounds, marking an increase of 36.6 percent.

The value of investments by financial banks rose 10.4 percent to reach 1416.7 billion pounds, representing 46.8 percent of total deposits and current accounts in banks.

The bulletin clarified that public sector banks allocated 52.6 percent of financial investments amounting to745.4 billion pounds, with an increase of 10.4 percent.

As per loans and advances, the bulletin added that their value hiked 51.4 percent, recording 1418.4 billion pounds, compared to the prior year, noting that private sector banks accounted for 56.8 percent of loans, amounting to 806.1 billion pounds, with an increase of 48.2 percent.