EGBANK’s growth accelerates to 23.93% during Q1-2023

 

Egyptian Gulf Bank-Egypt’s growth accelerates during the First quarter of 2023, recording a compound growth rate of 23.93%, compared to  6.35% during the Q4- of 2022.

This rate was measured through a composite growth index developed by First Bank to measure the financial performance of banks with a single figure during Q1-2023.

The bank was able to achieve positive results in all 4 sub-indicators (net profits, deposit portfolio, loan portfolio, and asset portfolio) which formulated First Bank composite growth index, led by net profit, recorded a growth rate of 60.23% during Q1-2023.

It also achieved a growth in total loans and facilities to customers at a rate of 9.20% during Q1-2023, and an increase in both asset and deposit portfolios by 15.22% and 11.07%, respectively, at the same period.

The bank’s net profits also increased in First Bank composite growth index during Q4-22 to achieve a growth rate of 22.41%.

The bank’s Total deposit portfolio decreased by 2.64% during Q4-22, asset as well as deposit portfolios increased by 0.41% and 5.23%, respectively, at the same period.

It should be noted that all figures and growth rates mentioned above, are according to separate financial statements published on the official website of the bank.