EGBANK’s resources employment rate declines to 81.07% in Q1- 2023

resources employment rate at Egyptian Gulf Bank-EGBank declined to 81.07% in Q1-2023, compared to 83.50% at the end of 2022 with a decrease of 2.42%.

The Bank achieved an expansionary policy during 2021, as the resources employment rate reached 92.67% at the end of 2021.

Resources employment indicator, launched by First Bank, measures to what extent the bank is employing its traditional resources (deposits + shareholders’ Equity) in loans and financial investments.

The decrease in the index indicates the bank’s conservative policy in employing its resources during this period.

The bank has invested EGP 69.20 bn of its traditional resources, which recorded EGP 85.36 bn, by the end of Q1- 2023 into loans and financial investments, It invested EGP 31.06 bn into Total customer loans and EGP 38.14 bn into financial investments.

While the bank directed EGP 64.33 bn of its traditional resources, which recorded EGP 77.04 bn by the end of 2022 into total customer loans and financial investments, as it invested EGP 28.45 bn into total customer loans and EGP 35.88 bn into financial investments.

The bank's traditional resources at the end of March 2023 were distributed between EGP 79.66 bn into its deposit portfolio, and EGP 5.69 bn into shareholder’s Equity at the end of the same period.

Furthermore, EGBank’s Loans to deposit ratio declined to 38.99% at the end of March 2023, compared to 39.66% at the end of 2022, while financial investments to deposit ratio declined to 47.87% compared to 50.03% at the same comparable period.

The decline in the bank's employment index during Q1- 2023, strengthened its distance from the average sector, as the employment index of the banking sector recorded 91.22% by the end of February 2023, according to the latest data of the Central Bank of Egypt.