The Egyptian banking sector grows by 13.37% on First Bank composite index during M5-2023

The Egyptian banking sector grew by 13.37% on First Bank composite growth rate during the first 5 Months of 2023.

This growth was supported by high growth rates in all three sub-indicators of First Bank composite index, with assets portfolio leading the way, contributing significantly to the sector's growth during the first 5 months of 2023.

Assets portfolio in banks (excluding the central bank) increased by approximately 18.27%, reaching EGP13.48 tn by the end of May 2023, compared to EGP11.4 tn at the end of the previous year.

Total loan portfolio was the second contributor to this growth, rising by 12% to reach EGP4.49 tn by the end of May 2023, compared to EGP4.01 tn at the end of 2022, an increase of EGP481.74 bn.

Deposits portfolio ranked third, contributing to the growth of the banking sector, increasing by 9.84% and reaching EGP9.42 tn during the period from January to May, compared to EGP8.58 tn at the end of 2022, an increase of EGP 844.13 bn.