The Egyptian banking sector achieved a growth rate of 32.41% on First Bank composite index during the first 11

The banking sector grows by 32.41% on First Bank composite index At 11M

3/9/2023 11:26:00 AM

The Egyptian banking sector achieved a growth rate of 32.41% on First Bank composite index during the first 11 months of 2022, after a strong performance in all activities including deposits portfolio, loan portfolio, and assets portfolio

First Bank index is the first of its kind to measure the growth rate achieved through a composite index developed by First Bank to measure the financial performance of banks with a single figure.

Assets portfolio (other than the central bank) jumped by 39.21%, to reach EGP12.01 tn at the end of November 2022, compared to EGP8.63 tn at the end of 2021, an increase of EGP 3.38 tn.

Deposit portfolio increased by 29.80%, to reach EGP8.37 tn at the end of last November, compared to EGP 6.45 tn at the end of 2021, an increase of EGP1.92 tn.

While total loan portfolio jumped to EGP 3.89 tn at the end of November 2022, compared to EGP3.03 tn at the end of 2021, an increase of EgP 855.8 bn.