RNCOS in its latest report, “Egypt Banking Sector Analysis”, claims that Egyptian banks have not only witnessed growth in lending activities, but have also seen rising consumer confidence on the system. With the improving economic conditions and growing business sector in the country, it is expected that the deposits will grow at a CAGR of around 8.5% during FY 2012-2014 to reach around LE 291 Billion (US$ 52.4 Billion) by FY 2014.
The report infers that both public as well as private business units had been performing exceptionally well and earning high operating profit until recently. Thus, corporate were collecting huge sum of money to deposit into the banks. Moreover, tax norms in the country mandated business units to transact through banks to avoid tax complications.
Further, the Egyptian banking sector is highly untapped. Only around 42% of the bankable population has bank accounts, which calls for huge potential for the growth of banking services in the country. The central government is working to expand the range of financial services available to the lower-income segment of the country.
Our report, have analyzed the pattern of macroeconomic variables and their impact on the banking sector of the country. It has also identified emerging industry trends, and presents forecasts of the Egyptian banking sector. It also delves into the detail business description of the existing key players in the country. Overall, our report contains a comprehensive knowledge of the Egyptian banking sector, prior to making any investment decision.
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