EGBANK Tops Listed Banks in Syndicated Loan Growth in Q1-2023

Egyptian Gulf Bank has significantly strengthened its syndicated finance during the current year, reflected in the substantial growth achieved by its portfolio in the syndicated loan market, which jumped by 64.42%, reaching EGP 13.12 bn by the end of the first quarter of 2023, compared to EGP 7.98 bn by the end of 2022, an increase of EGP 5.14 bn.

The substantial increase that EGBANK achieved was sufficient for the overall growth of the bank's corporate loans. The bank's corporate loan portfolio jumped by 11.84% during the first quarter of the current year, reaching EGP 22.26 bn by the end of March 2023, compared to EGP 19.90 bn by the end of 2022, an increase of EGP 2.36 bn. This positioned EGBANK as the fifth fastest-growing listed bank in corporate loans on the First Bank's list.

As for EGBANK's Retail financing, it increased by 3.07%, reaching EGP 8.80 bn by the end of the first quarter of 2023, compared to EGP 8.54 bn by the end of 2022, an increase of EGP 261.86 mn.

This growth is reflected in the bank's financing portfolio, with total loans of the bank's clients recording a growth rate of 9.20%, reaching EGP 31.064 bn by the end of March 2023, compared to EGP 28.446 bn by the end of 2022, an increase of EGP 2.618 bn.

EGBANK achieved good performance during the current year, with its asset portfolio increasing by 15.22%, moving from EGP 86.735 bn by the end of 2022 to EGP 99.934 bn by the end of March 2023, an increase of EGP 13.199 bn.

Net profits after tax also experienced a significant increase of 60%, reaching EGP 316.306 mn during the first quarter of 2023, compared to EGP 197.408 mn during the same period in 2022.

Pre-tax profits increased by 40%, recording EGP 541.393 mn during the first quarter of 2023, compared to EGP 386.668 mn during the same period of the previous year.