Banking sector grows by 6.26% on First Bank composite growth index during Jan-2023

The Egyptian banking sector achieved a growth rate of 6.26% on First Bank composite growth index during January 2023, after a strong performance in all its activities including deposits portfolio, loan portfolio, and assets portfolio.

The banking sector Asset portfolio jumped by 8.86%, to reach EGP 12.409 tn by end of January 2023, compared to EGP 11.399 tn by end of 2022, an increase of EGP 1.009 tn.

While Deposit portfolio came in second place as it jumped by 5.14%, to reach EGP 9.021 tn by end of January 2023, compared to EGP 8.580 tn by the end of 2022, an increase of EGP 440.977 bn.

Loan portfolio increased by 4.78%, to record EGP 4.202 tn at the end of January 2023, compared to EGP 4.012 tn at the end of 2022, an increase of EGP 191.937 bn.