E-Bank's default rate declines to 2.35% enhances its financial stability

 During the first half of this year, Egyptian Export Development Bank, E-Bank, witnessed a significant improvement in its default rate, supported by its success in substantially reducing institutional defaults.

The rate of non-performing loans decreased to 2.35% by the end of the second quarter of 2023, compared to 3.59% by the end of 2022, making it lower than the sector's average of 3.3% at the same period.

This reduction is a natural result of E-Bank's success in reducing the ratio of defaulted loans for corporates to 2.47% by the end of June 2023, compared to 3.84% by the end of 2022.

Despite the increase in deposit-to-loan ratio, E-Bank remains one of the top banks in the Egyptian stock exchange, with a 62.68% loans to deposit ratio by the end of June 2023.

The bank's portfolio of individual loans grew by 31.58% during the first half of this year, reaching EGP 5.97 bn by the end of June 2023, making it the second fastest-growing bank in individual loans according to First Bank's list.

Meanwhile, corporate loans increased by 16.09%, reaching EGP46.8 bn by the end of June 2023, ranking third on First Bank's list of the fastest-growing corporate' loans.

E-Bank's total customer loan portfolio increased by approximately 17.66%, reaching EGP52.73 bn by the end of June 2023, making it the fastest-growing bank in total customer loans during the first half of this year.

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