EGBANK Tops Banks in Syndicated Loan Growth during Q1-2023
First Bank
Egyptian Gulf Bank, known as EGBANK, has emerged as the fastest-growing bank in terms of syndicated loans during the first quarter of the current year, according to First Bank rankings.
Its loan portfolio jumped to EGP 13.12 bn by the end of the first quarter of 2023, a growth rate of 64.42%, compared to EGP 7.98 bn by the end of 2022, representing an increase of EGP 5.14 bn. This significant surge propelled EGBANK from eighth place in the previous year.
The bank's substantial increase in syndicated financing contributed to the overall growth of its corporate loans, which rose 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.
EGBANK also focused on retail financing, which saw a rise of 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 total loan portfolio, which increased by 9.20%, totaling EGP 31.06 bn by the end of March 2023, compared to EGP 28.45 bn by the end of 2022, representing an increase of EGP 2.62 bn.
EGBANK has achieved a strong performance in the current year, with its asset portfolio increasing by 15.22%, moving from EGP 86.74 bn by the end of 2022 to EGP 99.93 bn by the end of March 2023, an increase of EGP 13.2 bn.
The bank's deposit volume also rose by a growth rate of 11.07%, reaching EGP 79.7 bn by the end of March 2023, compared to EGP 71.7 bn by the end of 2022, an increase of EGP 7.9 bn.
Furthermore, the bank's net profit after tax surged by a growth rate of 60.23%, reaching EGP 316.31 mn during the first quarter of 2023, compared to EGP 197.41 mn in the same period of 2022.
Pre-tax profit also increased by a growth rate of 40%, reaching EGP 541.33 mn during the first quarter of 2023, compared to EGP 386.67 mn in the same period of the previous year.
