CBE: Banks’ Net Profits Hit EGP 14 Bln In 2012

The Central Bank of Egypt (CBE) stated that banks’ net profits surged 600% to reach EGP 14 billion at the end of 2012, compared to EGP 2 billion in 2003.

At the beginning of Governor Hisham Ramez’s new term, CBE issued a statement showing that the Egyptian banking sector’s assets rose 121% to reach EGP 1.360 trillion at the end of last year, compared to EGP 615 billion at the end of 2003.

The value of equity registered EGP 97 billion at the end of 2012, compared to EGP 30 billion at the end of 2003, registering a growth rate of 223%. The number of banks in Egypt fell from 39 to 57 during this period, the statement added.

The number of banks’ branches rose 56% to reach 2658 branches at the end of 2012, compared to 1708 branches at the end of 2003. The number of ATMs surged 511% to reach 5839 branches at the end of 2012, compared to 955 branches at the end of 2003.