Greater Cairo is the most profitable geographic sector for E-Bank in 2023

Egyptian Export Development Bank, E-Bank, saw a significant increase in net profits by 98.2% during the first half of this year, reaching EGP1.2 bn compared to EGP605.52 mn in the same period of 2022.

According to the sectoral geographic analysis by 'First Bank,' it was evident that the Greater Cairo sectors were the most profitable, recording EGP 829.36 mn in the first half of 2023, a 75.37% growth compared to EGP 472.92 mn in the same period of 2022. These sectors accounted for 69.1% of E-Bank's net profits in the first half of the current year.

As for the net profits from Alexandria, Delta, and Sinai sectors, they experienced rapid growth among the geographic sectors, achieving a record growth rate of 191.55% during the first half of this year.

These sectors recorded EGP347.4 mn in the first half of 2023 compared to EGP 119.18 mn in the same period of 2022, an increase of EGP228.29 mn. The relative weight of Alexandria and Delta sectors rose to 28.96% of the bank's net profits during the first half of this year, compared to 19.68% in the same period of 2022.

Regarding net profits from the Northern sectors, they increased from EGP13.424 mn in the first half of the previous year to EGP 23.28 mn in the first half of the current year, a growth rate of 73.41%.

Despite the growth, the Northern sectors still represent a small percentage of E-Bank's net profits, accounting for 1.94% in the first half of 2023.

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