Noida, India (PressExposure) November 05, 2009 -- According to âEgypt Banking Sector Analysisâ, a recent report from RNCOS, when all the major economies of the world are reeling under the pressure of financial crisis, the banking industry in Egypt remains stable, reflecting system's relative isolation from and resilience to the global crisis, as well as considerable progress of the banking sector reforms.
The Central Bank of Egypt continued to press forward with its banking reform plan, launched in September 2004, focused on consolidation, privatization, restructuring of banks and addressing the problem of non-performing loans. The sector has become more sound and viable than the past on account of rapid merger and acquisitions took place under the banking reforms. The number of banks operating in Egypt reduced to 39 banks at the end of December 2008 from 57 in 2004. The Central Bankâs NPL management plan has helped the banks to settle around 90% of total outstanding NPLs.
With declining NPLs and improving capital adequacy, Egyptian banks have significantly intensified their lending activity in recent years. Bank loans are expected to grow at a CAGR of about 13% for the period spanning from 2008-09 to 2010-11 on rising business and household loans. Additionally, the brought reforms and improved risk weighted assets ratio have also helped Egyptian banks to gain consumer confidence on the banking system. Deposits have also shown positive growth, particularly household deposits, over the past few years.
âEgypt Banking Sector Analysisâ is an outcome of extensive research and detailed study of banking sector in Egypt. The report discusses each indicator of the banking system performance in detail, supplemented with quantitative data and prudent analysis. It also tells the clients direction in which the banking sector is likely to move in coming years. Additionally, the report analyses the pattern of macroeconomic variables and their impact on the banking sector. It also finds emerging industry trends, which will decide future of the banking sector in Egypt.
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