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Financial position of banks in Egypt increases to EGP 15.429 trillion in February 2024: CBE
The Central Bank of Egypt (CBE) reported that banks operating in the local market saw their total financial position increase to EGP 15.429 billion in February 2024, up from EGP 14.486 billion in January – an increase of EGP 943 billion. EGP.
Breaking down:
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On the asset side, cash balances in banks amounted to 109.394 billion EGP. Bank balances in some of them in the country recorded 3.172 billion EGP, while their balances in banks abroad amounted to 461.327 billion EGP.
Customer loan balances and debtors recorded 5.783 billion EGP, while the securities portfolio and bank investments in treasury bills recorded 5.072 billion EGP. The volume of other assets, which the CBE did not mention in detail, amounted to 829.408 billion EGP.
Liabilities
Regarding liabilities, the CBE stated that banks’ capital amounted to EGP 410.879 billion, reserves recorded EGP 628.312 billion and allocations amounted to EGP 356.546 billion.
The banks’ liabilities to each other in the country recorded EGP 1.078 billion, while their liabilities to banks abroad recorded EGP 428.997 billion. The balances of long-term bonds and loans amounted to 622.622 billion EGP, and the volume of other liabilities, which the CBE did not mention in detail, amounted to 1.371 billion EGP.
Deposits
The CBE revealed an increase in customer deposits in banks in February 2024 to around EGP 10.617 billion, compared to EGP 10.3 billion in January 2024, an increase of around EGP 317 billion.
He explained that government deposits in banks recorded around 2.527 billion EGP, of which 2.023 billion EGP are in local currency and 504.349 billion EGP are in foreign currencies. The volume of non-governmental deposits amounted to 8.089 billion EGP, of which around 6.492 billion EGP are in local currency and around 1.597 billion EGP are in foreign currencies.
According to the CBE, the public business sector accounted for around 166.985 billion EGP of total non-governmental local currency deposits in banks in February 2024, while the share of the private business sector amounted to 1.242 billion EGP, the household sector 5.038 billion EGP. and non-residents 44.610 billion EGP.
On the other hand, the public business sector acquired almost EGP 112.168 billion of total non-governmental deposits in foreign currencies, the private business sector EGP 525.537 billion, the household sector EGP 934.349 billion and the non-resident sector EGP 25.295 billion EGP.
The CBE added that the household sector represented 74.5% of total deposits in banks operating in the Egyptian market until February 2024.
According to the CBE, the household sector acquired around 78.1% of total deposits in local currency, while its share of deposits in foreign currency amounted to around 59.4%.
He explained that the growth rate of total deposits in banks during February 2024 reached around 14.4%, highlighting that the growth rate of deposits in local currency registered 16.2%, while the growth rate of deposits in foreign currency reached 7.5%.
Furthermore, the CBE indicated that the share of deposits in foreign currency reached 19.6% of total deposits in banks in February 2024.
Credit facilities
The CBE revealed that the balances of credit lines granted by banks to their customers increased to EGP 5.783 billion in February 2024, an increase of EGP 985 billion compared to July 2023.
Lines of credit are loans that banks grant to their customers, in addition to documentary credits and letters of guarantee that they open to cover import operations.
The CBE attributed this increase to an increase in the balances of credit lines granted by banks to the government by 683 billion EGP, at a rate of 32.9%, and in the balances of credit lines granted to non-governmental entities by 302 thousand million EGP, at a rate of 11.1. %.
According to the CBE, the increase in balances granted to the government resulted from an increase in balances in local currency by EGP 473 billion and balances in foreign currencies by EGP 210 billion.
According to the relative distribution of balances on non-governmental credit lines, the private business sector obtained 61.9% of the total of these balances in February 2024. The industrial sector obtained 28.4% of these balances, followed by the services sector with 27.3%, then the commercial sector with 9.8%, while the agricultural sector obtained 2%. The remaining non-distributed sectors obtained 32.5%, including 32.3% for the domestic sector.
Internal liquidity
The CBE revealed an increase in the volume of domestic liquidity in the banking sector by 876.7 billion EGP in the period from July 2023 to February 2024, reaching around 9.125 billion EGP, with a growth rate of 10.6% .
This increase was evident in the growth of quasi-currency by 408.7 billion EGP, by 6.6%, and in the money supply by 468 billion EGP, by 22.7%.
The CBE noted that the increase in quasi-currency resulted from an increase in foreign currency deposits, estimated at 55.8 billion EGP, at a rate of 3.7%, and non-current deposits in local currency estimated at 352 .9 billion EGP, at a rate of 3.7%. rate of 7.6%. The increase in money supply resulted from an increase in current deposits in local currency by 372.2 billion EGP, at a rate of 35.4%, and an increase in cash in circulation outside the banking system by 95.8 billion of EGP, at a rate of 9.5%.
The increase in domestic liquidity from July 2023 to February 2024 resulted from the increase in net domestic assets and net foreign assets in the banking system.
According to the CBE, the net domestic assets of the Egyptian banking sector increased during that period by EGP 721.1 billion, at a rate of 7.9%, as a result of an increase in domestic credit by around EGP 1.615 billion. EGP, at a rate of 18.5%. , and a decrease in net budget lines by around EGP 894.5 billion.
The CBE indicated that domestic credit increased as a result of an increase in the government’s net liabilities by EGP 1.273 billion, the liabilities of the private business sector by EGP 192 billion, the public business sector by EGP 9.5 billion and of the family sector in EGP. 140.8 billion.
The CBE also indicated an increase in the banking system’s net foreign assets, equivalent to EGP 155.6 billion, during the period from July 2023 to the end of February 2024.
This increase resulted from the increase in net foreign assets in the CBE by EGP 34.2 billion, and their increase in banks by EGP 121.4 billion.
In the same context, the CBE indicated an increase in the monetary base by 180.3 billion EGP, at a rate of 11.8%, during the period from July 2023 to February 2024, reaching around 1.709 billion EGP.
This resulted from an increase in local currency bank deposits at the CBE by 93.1 billion EGP, at a rate of 20.9%, and money circulating outside the CBE coffers at 87.2 billion EGP, a a rate of 8%. The increase in the monetary base resulted from an increase in the government’s net liabilities by EGP 788.6 billion, and banks’ net liabilities by around EGP 121.9 billion, on the one hand, and a decrease in assets net foreign exchange at CBE at EGP 34.2 billion. and, on the other hand, a decrease in net budget lines by EGP 764.4 billion.
The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).
The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.
In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.
Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.
Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.
Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.
Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.
Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.
IPO Observation: Hospital and healthcare clinic operator Ardent Health Partners (TARDT), insurance service provider Twfg (TWFG) and the biotechnology company Lirum Therapeutics (LRTX) are expected to price their IPOs and begin trading next week. The analyst quiet period ends at Rectitude (RECT) to free up analysts to publish ratings.
Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)
Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.
“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”
Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.
An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.
Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.
Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.
Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.
“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.
Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.
But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.
Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.
“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”
Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.
“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”
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Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?
Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.
Jio Financial Services News
Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”
“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.
Jio Financial Stock Target Price
Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”
On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above ₹260, one can buy this Reliance Group stock at the short term target of ₹295, keeping a stop loss of ₹240 apiece.”
Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.
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