EGBANK's net profits grow by 67%, reaching 1.05 bn At 9M-2023
First Bank
According to the bank's unaudited financial statements ending on September 30th. The bank's after-tax net profits increased by 67%, totaling EGP 1.046 bn in the first 9 months of 2023, compared to EGP 624.6 mn during the same period in 2022.
Additionally, the bank's pre-tax profits increased by 48%, reaching EGP 1.729 bn in the first 9 months of 2023, compared to EGP1.169 bn in the same period of the previous year.
Revenues also rose by 45%, totaling EGP8.596 bn in the first 9 months of 2023, compared to EGP5.926 bn during the same period in 2022.
The basic earnings per share increased by 65% during the first 9 months of the current year, reaching 1.77 pounds, compared to EGP1.07 during the same period in 2022.
Moreover, the bank's total deposits increased by 13%, reaching EGP81.225 bn by the end of September 2023, compared to EGP 71.723 bn by the end of December 2022.
Net loans and advances to customers in the bank also increased by 17%, reaching EGP31.422 bn by the end of September 2023, compared to EGP26.898 bn by the end of December 2022.
Additionally, total equity of the bank increased by 33%, reaching EGP7.081 bn by the end of September 2023, compared to EGP5.317 bn by the end of December 2022.
Lastly, retained earnings jumped by 204% during the first 9 months of the current year, totaling EGP1.389 bn by the end of September 2023, compared to EGP 457.1 mn by the end of December 2022.
