EBank Tops Fastest-Growing Listed Banks in Credit Card in Q1-2023

6/4/2023 11:15:00 AM

Export Development Bank of Egypt continued its strong performance since the launch of its new identity, the bank ranked first on First Bank list of listed banks with the fastest growth in credit cards during the first quarter of the current year.

EBank's credit card portfolio jumped by 22.31%, reaching EGP 79.84 mn by the end of March 2023, compared to EGP 65.27 mn by the end of 2022, with an increase of EGP 14.56 mn.

Credit card portfolio of EBank is distributed among various geographical regions, but the Greater Cairo sectors account for the largest share, amounting to 72.10% of the bank's total credit cards by the end of March 2023.

The credit card portfolio of the bank in the Greater Cairo sectors increased to EGP 57.56 mn by the end of March 2023, compared to EGP 47.55 mn by the end of 2022, achieving a growth rate of 21.07% and an increase of EGP 10.02 mn.

Regarding the credit cards in the bank's sectors in Alexandria, Sinai, and the Delta, they increased from EGP 13.89 mn by the end of 2022 to EGP 17.54 mn by the end of March 2023, achieving a growth rate of 26.31% and an increase of EGP 3.65 mn.

The credit cards of EBank in the sectors of Alexandria, Sinai, and the Delta accounted for about 21.97% of the bank's total credit cards by the end of March 2023.

As for the credit card portfolio in the bank's Western sectors, it increased by about 23.17%, reaching EGP 4.73 mn by the end of the first quarter of 2023, compared to EGP 3.84 mn by the end of 2022, with an increase of EGP 890,000.

In general, the bank achieved good performance during the current year, as its net profit jumped by about 74.01%, reaching EGP 501.8 mn in the first quarter of 2023, compared to EGP 288.38 mn during the same period in 2022, with an increase of EGP 213.418 mn.Pre-tax profit increased by a growth rate of 84.01%, recording EGP 793.83 mn in the first quarter of 2023, compared to EGP 431.40 mn during the same period of the previous year.

Total loans and facilities to customers increased by a growth rate of 17.56%, with an increase of EGP 7.87 bn, reaching EGP 52.68 bn by the end of March 2023, compared to EGP 44.82 bn by the end of 2022.

Customer deposits portfolio jumped by a growth rate of 10.25% after the bank managed to increase its deposits by EGP 7.47 bn, reaching EGP 80.32 bn by the end of March 2023, compared to EGP 72.85 bn by the end of 2022.