Banking sector grows by 19.04% on First Bank composite growth index during 7M-2023

 The Egyptian banking sector achieved a composite growth rate of 19.04% on First Bank composite growth index during the first 7 months of 2023.

This growth was supported by positive growth rates in all 3 sub-indicators of First Bank composite index, with assets portfolio being the largest contributor to the sector's growth.

Assets portfolio in banks (excluding CBE) increased by 24.13% to reach EGP14.15 tn by the end of July 2023, compared to EGP 11.4 tn at the end of December 2022.

Total loan portfolio was the second major contributor to the sector's growth, rising by 20.88% to reach EGP 4.85 tn by the end of July 2023, compared to EGP4.01 tn at the end of the previous year, an increase of EGP838.1 bn.

Deposits portfolio came in third place, contributing to the banking sector's growth with a 12.11% increase during the period from January to July current year, reaching EGP9.62 tn by the end of July 2023, compared to EGP 8.58 tn at the end of December 2022, an increase of EGP1.04 tn.