Strong Performance for E Bank in 2023, Topping the Fastest Growing Banks in Egypt

Export Development Bank, 'E Bank', achieved strong performance this year, leading various rankings of listed banks with the fastest growth in the first half of 2023. This success is attributed to the efforts of CEO Ahmed galal and his team.

'E Bank' topped First Bank list for banks with the fastest growth in total customer loans during the first half of the current year, with a growth rate of 17.66%. Its loan portfolio reached EGP 52.73 bn by the end of June 2023, compared to EGP 44.82 bn at the end of 2022, marking an increase of EGP 7.92 bn.

The bank also secured the first position in First Bank list for the fastest growth in credit cards during the first half of this year, with a 47.29% increase. The credit card portfolio amounted to EGP 96.14 mn by the end of the second quarter of 2023, compared to EGP 65.27 mn at the end of 2022, indicating a rise of EGP 30.87 mn.

Additionally, 'E Bank' ranked first in the First Bank list for the fastest growth in net fees and commissions income during the first half of this year, with a growth rate of 258.50%. Its net income jumped to EGP 691.80 mn in the first six months of 2023, compared to EGP 192.97 mn during the same period in 2022, marking an increase of EGP 498.83 mn.

In the realm of Mortgage loans, 'E Bank' claimed the top spot on First Bank list for the fastest growth, recording a growth rate of 48.25%. Its Mortgage loan portfolio reached EGP 631.21 mn by the end of June 2023, compared to EGP 425.77 mn at the end of 2022, marking an increase of approximately EGP 205.44 mn.

Furthermore, the bank secured the second position on First Bank list for the fastest growth in personal loans during the first half of this year, with a growth rate of 31.58%. Its personal loan portfolio increased to EGP 5.97 bn by the end of June 2023, compared to EGP 4.54 bn at the end of 2022, indicating a rise of EGP 1.43 bn.

In the domain of customer deposits, 'E Bank' ranked third on First Bank list for the fastest growth, with a growth rate of 15.48%. Its deposits amounted to EGP 84.13 bn by the end of the second quarter of 2023, compared to EGP 72.85 bn at the end of 2022, marking an increase of EGP 11.28 bn.

Additionally, the bank secured the third position on the First Bank list for the fastest growth in joint loans during the first half of 2023, with a growth rate of 12.91%. Its joint loan portfolio reached EGP 7.61 bn by the end of June 2023, compared to EGP 6.74 bn at the end of December 2022, indicating an increase of EGP 870.28 mn.

By the end of the first half of 2023, 'E Bank' also stood third on First Bank list for the best asset-to-deposit ratio, with an asset coverage ratio of 126.92%. Its asset portfolio value reached EGP 106.8 bn, while its deposits amounted to EGP 84.1 bn.

With this robust performance, it is expected that Export Development Bank will continue to make significant progress in its business volume and activities, as well as achieve a substantial increase in its market share in the coming years.

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