Kuwait Finance House-Egypt achieves 37.2% growth on First Bank composite growth index in 2024

The separate financial statements of Kuwait Finance House Bank - Egypt, released on the Bank's website and completed on December 31, revealed a composite growth rate of 37.18% in 2024.

This rate was measured by a composite index developed by First Bank to measure banks' financial performance by one digit, across all branches of activity that include net profits, deposit portfolio, loan portfolio and asset portfolio over the past year.

Kuwait Finance House Egypt was able to achieve remarkable growth rates in its four sub-indicators consisting of the "First Bank" index, primarily net profits, which accounted for the largest percentage in the growth of the bank's activity at 65.11%, to register 5.47 billion pounds in 2024, compared to 3.31 billion pounds in 2023, with an increase of 2.16 billion pounds.

The bank's total deposits represented the second contributor to this growth, after the portfolio increased by 30.02%, marking an increase of 27.03 billion pounds over the past year, reaching 117.09 billion pounds by the end of 2024, compared to 90.06 billion by the end of 2023.

The Bank's total asset portfolio was the third contributor to this growth, rising by 27.02% over the past year, to reach 143.79 billion pounds by the end of 2024, compared to 113.21 billion by the end of 2023, with an increase of 30.58 billion pounds.

The Bank's total loans portfolio rose by 26.57% and an increase of 17.84 billion pounds over the past year, reaching 84.99 billion pounds by the end of 2024, compared to 67.15 billion by the end of 2023.