Banking sector grows by 11.85% on First Bank composite index during 4M-2023

The growth was supported by strong performance across all sectors, including deposits, loans, and assets. First Bank index, a composite indicator developed by First Bank to measure the financial performance of banks, played a significant role in assessing this growth.

Asset portfolio of banks (excluding CBE) saw a significant increase of about 16.47%, reaching EGP13.28 tn by the end of April 2023, compared to EGP11.4 tn at the end of 2022, an increase of EGP 1.88 tn.

Loans also contributed significantly to this growth, rising by approximately 10.59% to reach EGP4.44 tn by the end of April 2023, compared to EGP4.01 tn at the end of 2022, an increase of EGP424.93 bn.

Deposits, the third and final contributor to the strong growth in the banking sector according to First Bank index, increased by about 8.49%, reaching EGP 9.31 tn by the end of last April, compared to EGP8.58 tn at the end of 2022, an increase of EGP728.28 bn.