EGBANK grows by 25.8% on First Bank composite growth index during H1-2023

Separate financial statements of Egyptian Gulf Bank, ending on the previous June, have revealed an aggregated growth rate of 25.76% during the first half of 2023.

This growth rate was measured using a composite index created by First Bank to measure the financial performance of banks with a single number, covering all activity branches that include net profits, deposit portfolio, loan portfolio, and asset portfolio from January to June 2023.

The bank achieved positive results in all 4 sub-indices that make up First Bank index. Leading the way is the bank's net profits, which constituted the largest share in the bank's activity growth at a rate of 60.44%, reaching EGP656.9 mn during the first half of 2023, compared to EGP409.5 mn during the same period in 2022, an increase of EGP247.5 mn.

Total asset portfolio of the bank was the second contributor to this growth, with a growth rate of 20.03% during the first half of the current year, reaching EGP104.1 bn at the end of June 2023, compared to EGP86.7 bn at the end of December 2022, an increase of EGP17.4 bn.

Total loan and facilities to customers at the bank also contributed to this growth, securing the third position with a growth rate of 13% and an increase of approximately EGP3.7 bn during the first half of the current year, reaching EGP32.1 bn at the end of June 2023, compared to EGP28.4 bn at the end of December 2022.

The bank's deposit portfolio increased by 9.55% during the first half of the current year, reaching EGP78.6 bn at the end of June 2023, compared to EGP71.7 bn at the end of December 2022, with an increase of EGP6.9 bn.