Banque Misr grows by 22.48% on First Bank composite growth index during Q1- 2033

 The bank's independent financial statements ending on March 31, 2023, revealed a composite growth rate of 22.48% during the first quarter of 2023. This rate was measured using a composite index developed by First Bank to assess financial performance, encompassing all branches of activity, including net profits, loan portfolio, and asset and deposit portfolios, during the first three months of 2023.

Banque Misr achieved positive results across all its sub-indicators constituting First Bank composite growth index. Among these, net profits increased by approximately 54.11%, reaching EGP10.510 bn during the first quarter of 2023, compared to EGP6.820 bn during the same period in 2022, an increase of EGP3.690 bn.

The bank's customer loan portfolio was the second contributor to the composite growth index, with the bank's total customer financing jumping by about 15.06% during the first quarter of the current year, reaching EGP817.652 bn by the end of March 2023, compared to EGP 710.652 bn at the end of 2022, an increase of EGP 107 bn.

Meanwhile, Asset portfolio was the third contributor to Bank's growth, rising by approximately 11.31% to reach EGP2.472 tn by the end of March 2023, compared to EGP2.221 tn at the end of 2022, an increase of EGP251.192 bn.

Customer deposits also increased from EGP1.726 tn at the end of 2022 to EGP 1.889 tn at the end of the first quarter of 2023, with a growth rate of 9.44% and an increase of EGP163.006 bn.