EGBANK Tops listed Banks in Asset Coverage Ratio for Deposits in H1-2023

Egyptian Gulf Bank-EGBANK has secured the top position on First Bank list of best listed banks in terms of asset coverage ratio for deposits, with Coverage Ratio of 132.50% by June-2023end.

In addition, Bank's asset portfolio surged by 20.03%, reaching EGP 104.11 Bn by the end of June 2023, compared to EGP86.74 bn by the end of 2022, an increase of EGP 17.37bn.

while its deposit portfolio increased from EGP 71.72 bn at the end of 2022 to reach EGP 78.57 bn by the end of June 2023.

This high ratio reflects the bank's strong ability to meet its commitments to depositors, as deposits represent 75.47% of its total assets by the end of June 2023.

Overall, the bank achieved a good performance during the current year, In spite of EGBANK witnessed a slight increase in Non-Performing Loan Ratio during the first half of this year, as reaching 4.60% by the end of June 2023, compared to 4.55% by the end of 2022.

EGBANK’s capital adequacy ratio declined to 13.55% at the end of June 2023 compared to 18.84% at the end of 2022, however exceeding the regulatory limits set by the Central Bank of Egypt which are consistent with Basel Accord of 12.5%.

Financial leverage ratio fell to record 4.92% by June-2023end compared to 5.55% at the end of 2022, but exceeding the regulatory limits set by the Central Bank of Egypt which are consistent with Basel Accord of 3%.