Egypt : Moody's sees Egyptian banking system stable in 2021

  • 22 January 2021 / News / 75 / Fares RAHAHLIA


Egypt : Moody's sees Egyptian banking system stable in 2021

ArabFinance: The Egyptian banking system will remain stable in 2021 yet profits will “come under pressure” from rising loan losses and lower interest income, Moody’s Investors Service said in a statement.

Egyptian banks' profitability will continue to compare well against their peers, Constantinos Kypreos, senior vice president at Moody's, added in the statement.

The agency expects modest economic growth of 2.4% in 2021, yet economic and fiscal reforms will support a stronger 5% GDP growth in 2022.

Egypt's credit profile indicated a sizable and diversified economy, as well as a large domestic funding base, Moody's noted earlier.


source: ArabFinance

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