The Egyptian banking sector achieved a growth rate of 8.53% on First Bank composite growth index During first

Analysis

Banking sector grows by 8.53% on First Bank composite growth index during 2 M-23

6/4/2023 10:49:00 AM

The Egyptian banking sector achieved a growth rate of 8.53% on First Bank composite growth index During first 2 months 2023, after a strong performance in all its activities including deposits portfolio, loan portfolio, and assets portfolio.

This rate was measured through a composite index developed by First Bank to measure the financial performance of banks with a single number

The banking sector Asset portfolio jumped by 12.11%, to reach EGP 12.78 tn by end of February 2023, compared to EGP 11.4 tn by end of 2022, an increase of EGP 1.38tn.

While Loan portfolio came in second place as, it increased by 6.98%, to record EGP 4.29 tn at the end of February 2023, compared to EGP 4.01 tn at the end of 2022, an increase of EGP 279.9 bn.

Deposit portfolio jumped by 6.50%, to reach EGP 9.138 tn by end of February 2023, compared to EGP 8.580 tn by the end of 2022, an increase of EGP 557.9 bn.