Egypt has third best banking system in Arab world in terms of assets, deposits, and loans: UAB

Egypt has third best banking system in Arab world in terms of assets, deposits, and loans: UAB

The Union of Arab Banks (UAB) said that the Egyptian banking sector has achieved tremendous success and impressive results over the past five years.

In a statement on Tuesday, the UAB stated that the size of the banking sector in Egypt tripled during the past five years, between August 2017 and August 2022, as the volume of the sector’s combined assets increased from EGP 4.587trn to EGP 10.511trn, achieving a growth rate of 130%, which was not achieved by any of the other Arab banking sectors.

He pointed out that even in light of the spread of the Coronavirus pandemic, Egyptian banks continued to achieve very high growth rates, as the total growth rate of the sector exceeded 20% during the years 2020 and 2021, pointing out that these growth rates enabled it to advance among the Arab banking sectors, to occupy Today it ranks third among all of them in terms of assets, deposits and loans, and its assets represent 13% of the total assets of the Arab banking sector as a whole, compared to 8% 5 years ago, and while the size of the Egyptian banking sector exceeded the threshold of $500bn, it is considered one of four banking sectors