The net value added of public and private sector banks increased during fiscal year (FY) 2013/2014 by 24.4% to reach EGP 131.9bn. The figures compare to the EGP 106.1bn recorded for FY 2012/2013, according to the Central Agency for Public Mobilization and Statistics (CAPMAS), on Tuesday. In the annual statement of statistics and economic indicators for banks and insurance companies for FY 2013/2014, CAPMAS said the public sector represents 50.6% of the increase. The private sector, on the other hand, acquired 49.4% of the increase due to fees and indirect taxes. The value of capital formations rose to EGP 3.6bn in FY 2013/2014, compared to EGP 3.4bn in 2012/2013, marking an increase of 6.9%. Of this increase, 70.9% was in the public sector and 29.1% in the private sector. The report attributed the increase to capital additions in fixed assets movement in the construction sector's equipment and machinery. The value of banks' savings declined during the same period by 81%, to record EGP 12.4bn compared to EGP 13.4bn during the comparison period. Of this, the public sector acquired 35.6%, whilst the private sector acquired 64.4%. The net value added of public and private insurance companies rose by 49.2% in FY 2013/2014 to reach EGP 3bn, compared to the EGP 2bn reported in FY 2012/2013. The public sector accounted for 57.8% of the increase, whilst the private sector acquired 42.2% of the increase. The report attributed the increase to the fees, indirect taxes and production requirements. Meanwhile, the value of capital formations of insurance companies declined during the same period to record EGP 93.2m, compared to EGP 123m during the period of comparison, marking a decline of 24.3%. The public sector represented 36.1% of this decline, with the private sector representing 63.9%. CAPMAS said the decline was due to capital additions in fixed assets movement in the construction sector's equipment and machinery. However, the savings value for insurance companies increased during FY 2013/2014 to reach EGP 1.6bn, compared to EGP 900m in FY 2012/2013, marking an increase of 80.4%. The public sector acquired 52% of this, with the private sector acquiring 48%.
