EBank sees strong performance in its financial Efficiency indicators during H1-2023

EBank improved its financial efficiency indicators in the first 6 months of the current fiscal year, primarily driven by significant growth in its net profits. This improvement was attributed to the efforts of Ahmed Galal, the bank's chairman, and his team.

EBank achieved an increase in its return on average equity, reaching 11.85% during the first half of 2023, compared to 8.90% during the same period in 2022. Additionally, the bank's return on average assets rose to 1.18% in the first 6 months of the current year, up from 0.76% during the same period in 2022.

Overall, E Bank demonstrated exceptional performance this year, with notable increases in its net profits, total assets, customer deposits, and customer loans. Its net profits experienced a significant boost of 98.19%, amounting to an increase of EGP 595 mn during the first six months of the current year, reaching EGP1.200 bn, compared to EGP 605.52 mn during the same period in 2022.

The bank's earnings per share also grew by 19.02%, reaching EGP 1.94 during the period from January to June 2023, with an increase of approximately EGP0.31.

In general, EBank's total assets increased significantly by EGP10.05 bn, growing at a rate of 10.40% by the end of the first half of the current year, totaling EGP 106.78 bn by the end of June 2023, compared to EGP96.72 bn by the end of December 2022.

Total equity of the bank increased by about 9.75%, reaching EGP 10.601 bn by the end of June 2023, compared to EGP9.659 bn by the end of 2022, with an increase of EGP941.63 mn.

Moreover, total customer deposits portfolio at the bank increased by 15.5%, with total customer deposits transitioning from EGP72.85 bn by the end of 2022 to EGP84.14 bn by the end of the first half of the current year, indicating an increase of about EGP11.284 bn. This growth positioned the bank in the third place on First Bank's list of the fastest-growing listed banks in deposits during the first half of the current year.

Furthermore, total customer loans portfolio at the bank increased at a growth rate of 17.66%, with an increase of EGP7.916 bn. It reached EGP 52.7 bn by the end of June 2023, compared to EGP44.8 bn by the end of 2022. This growth made the bank occupy the first position on First Bank's list of the fastest-growing listed banks in total customer loans in Egypt during the first 6 months of 2023.

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