Egyptian Gulf Bank-EGBank recorded a composite growth rate of 13.48% in all its activities that included net p

Analysis

EGBANK grows 13.48% on First Bank’s composite growth index at 9M-22

1/31/2023 9:10:00 AM

Egyptian Gulf Bank-EGBank recorded a composite growth rate of 13.48% in all its activities that included net profits, deposit portfolio, loan portfolio, and asset portfolio at the first 9 months of 2022, according to its latest separated financial results.

This rate was measured through a composite growth index developed by First Bank to identify the financial performance of banks with a single figure during 9 months.

EGBANK was able to achieve positive results in all four sub-indicators net profit which formulated First Bank composite growth index, led by net profit that recorded a growth rate of 23.19% by the end of September to record EGP 624.62billion at December 2022, compared to EGP 507.02 billion at the end of December 2021

Furthermore, the total deposits portfolio recorded a growth rate of14.35% posted 73.670 billion Egyptian pounds by the end of December 2022 in comparison to 64.424 billion Egyptian pounds by the end of 2021 with growth amounting to EGP 9.246 billion.

In addition, the bank's loans and facilities to customers jumped by 8.69% to record EGP 27.032billion at December 2022, compared to EGP 24.870 billion at the end of December 2021 with an increase of EGP 2.162 billion

However, the assets portfolio jumped by 7.69% to stand at EGP 86.383billion pounds in 9 months, compared to EGP 80.212 billion by the end of December 2021 with an increase of EGP6.171billion.