EGBANK grows by 23.93% on First Bank Composite Growth Index during Q1-2023

The separate financial statements of Egyptian Gulf Bank, which ended on March 31, 2023, revealed that the bank recorded a composite growth rate of 23.93% in all branches of activity that include net profits, deposit, loan, and asset portfolios.

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

The bank was able to achieve positive results in all 4 sub-indicators (net profits, deposit portfolio, loan portfolio, and asset portfolio), led by net profit that recorded a growth rate of 60.23% to record EGP 316.3 mn during Q1- 2023, compared to EGP 197.4 mn at the same period 2022.

Furthermore, the bank's Total asset came in second place with a growth rate of 15.22% during the first quarter of this year, bringing the total portfolio from EGP 86.7 bn at the end of December 2022 to EGP 99.9 bn at the end of first quarter of this year, achieving an increase of EGP 13.2 bn.

The bank's Total customer loans achieved a growth rate of 9.20% to reach EGP 31.1 bn by the end of March 2023, compared to EGP 28.4 bn by the end of 2022، with an increase of EGP 2.6 bn.

In addition, Total customer deposit portfolio Jumped to record EGP 79.7 bn by the end of March 2023, compared to EGP 71.7 bn by the end of 2022, achieving a growth rate of 11.07%, and an increase of EGP 7.9 bn.