EGBank significantly limits its tendency towards financial investments

The Egyptian Gulf Bank-EGBANK is one of the medium-sized banks in the Egyptian market, which, since entering the market in 1981, has been able to achieve remarkable growth and a good level of stability. It is currently led by one of the most prominent youth bankers, Nidal Assar.

First Bank monitors its investment tendecies during the past year, and how they were greatly reflected in its main indicators and profits.

Upon tracking the bank’s investment trends; it was found that it made relatively noticeable changes during 2022. It reduced its tendency towards directing its total investments solely into financial investments. The bank's financial investments to total assets has been reduced by 41.37% at the end of 2022, compared to 50.06% at the end of 2021.

However, the bank’s orientations towards granting loans; the bank has witnessed a relative increase in it, which is reflected in the increase in the percentage of loans to  total assets from 28.99% at the end of 2021 to 31.01% by the end of 2022.

The bank was able to achieve average performance during the past year in terms of its main indicators. Its net profit increased by 22.98%, to reach 855.526 million pounds in 2022, compared to 695.658 million pounds in 2021, an increase of 159.868 million pounds.

The bank’s total loans jumped from 23.250 billion pounds at the end of 2021 to 26.898 billion pounds at the end of 2022, achieving a growth rate of 15.69%, and an increase of 3.647 billion pounds.

EGBANK assets portfolio grew by 8.13%, to reach 86.735 billion pounds by the end of 2022, compared to 80.212 billion pounds by the end of 2021, an increase of 6.523 billion pounds.

Yet, the bank’s financial investments declined by 10.64%, to record 35.881 billion pounds at the end of 2022, compared to 40.155 billion pounds at the end of 2021, losing about 4.274 billion pounds.

Furthermore, its deposits portfolio increased by 11.33%, to reach 71.722 billion pounds by the end of 2022, compared to 64.423 billion pounds by the end of 2021, an increase of 7.299 billion pounds