Attijariwafa bank's resources employment rate soars to 88.78% by June-2023 end
First Bank
The resource employment rate at Attijariwafa bank has seen a slight increase during the first 6 months of the current year, rising to 88.78% by the end of June 2023, compared to 87.40% at the end of 2022.
This index, introduced by the research center affiliated with First Bank, measures the employment rate of traditional resources (deposits + equity) in (loans + financial investments) for banks operating in the Egyptian banking sector.
The slight increase in this index during the first half of 2023 is attributed to Attijariwafa's continued relatively expansionary policy in employing. Their employment rate had previously increased slightly by the end of 2022 compared to 2021 on an annual basis.
Looking at Attijariwafa's numbers, they have employed EGP 59.91 bn of their traditional resources, which amounted to EGP 67.48 bn by the end of the first half of 2023. This employment is divided into EGP 37.09 bn for total customer loans and EGP 22.82 bn for financial investments.
On the other hand, the bank has employed EGP51.42 bn of their traditional resources, which amounted to EGP58.83 bn by the end of 2022, in both loans and financial investments, with EGP32.18 bn for total customer loans and EGP19.24 bn for total financial investments.
The traditional resources of the bank as of the end of June last year were distributed between a EGP 60.33bn deposit portfolio value, while the total shareholders' Equity received EGP7.15 bn by the end of the same period.
Loans to deposits ratio at the bank remained stable, recording 61.48% at the end of June 2023, compared to 61.28% at the end of December 2022. As for the financial investment to deposits ratio, it increased relatively to 37.82%, compared to 36.64% at the end of the same period.
It's worth noting that despite the increase achieved by Attijariwafa in its employment index, it still does not align with the sector's average of 91.92% by the end of March 2023, according to the latest data from the Central Bank of Egypt.
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