Attijariwafa bank's resource employment rate rises to 78.66% by the end of September 2024

The separate financial statements of Attijariwafa bank Egypt for the financial period ended September 30, 2024, showed that the resource employment rate rose to 78.66% by the end of September 2024, compared to 77.38% by the end of 2023.

This indicator, launched by the First Bank Research Centre, measures the employment rate of traditional resources (deposits + equity), in (loans + financial investments) of banks operating in the Egyptian banking sector.

The rise in the Bank's resource employment rate during the first 9 months of 2024 reflects a relatively expansive policy of the Bank towards the employment of its resources during this period.

The bank was able to employ 84.8 billion pounds from its traditional resources, which recorded 10.8 billion pounds by the end of September 2024 in both loans and financial investments of 26.2 billion pounds for financial investments, and 58.6 billion pounds for total customer loans.

While employing 65.6 billion pounds from its traditional resources, which recorded 84.8 billion pounds by the end of 2023 in both loans and financial investments, with 21.6 billion pounds for financial investments, and 44 billion pounds for total customer loans.

In terms of distributing traditional resources at the Bank by the end of September 2024, the value of the deposit portfolio was 96.6 billion pounds, while equity was 11.2 billion pounds.

The Bank's deposit employment rate rose to 60.71% by the end of September 2024, compared to 57.63% by the end of 2023.

On the other hand, the deposit employment ratio for financial investments fell slightly to 27.08% by the end of September 2024, compared to 28.30% by the end of 2023.

Despite the slight rise in the Bank's resource employment rate during the first 9 months of 2024, the index value of about 78.66% remained at levels below the average sector. The banking sector employment index recorded about 95.70% by the end of the same period, according to the latest statistical bulletin of the Central Bank of Egypt.