EGBANK default rate declines slightly to 4.34% by Sep-2023end

The Default rate at Egyptian Gulf Bank slightly decreased to 4.34% by the end of September 2023. Despite an increase in the total default value from EGP1.29 bn in 2022 to EGP1.44 bn by September 2023, with a growth rate of 11.67%, the bank’s overall default rate declined due to a decrease in retail default values. The bank performed well in 2023, with a notable increase in loans to customers and corporates.

The retail default value at the bank decreased to EGP197.09 mn by the end of the third quarter of 2023, compared to EGP230.36 mn by the end of 2022, a decrease of EGP33.27 mn.

Meanwhile, the default value of corporates increased by about 17.33% to reach EGP1.25 bn by the end of September 2023, compared to EGP 1.06 bn by the end of 2022, an increase of EGP184.18 mn.

It’s worth mentioning that the default rate for retail bank customers decreased slightly to 2.30% of the total retail financing of Egyptian Gulf Bank by the end of the third quarter of 2023, compared to 2.70% at the end of the previous year.

 Additionally, the default rate for corporate customers at the bank decreased marginally to 5.05% of the total financing of Egyptian Gulf Bank for corporates by the end of September 2023, compared to 5.34% at the end of 2022.

Egyptian Gulf Bank achieved good performance during the current year, particularly in terms of its financing. Total loans to customers jumped by about 17.04% to reach EGP33.29 bn by the end of the third quarter of 2023, compared to EGP28.45 bn by the end of 2022, with an increase of EGP4.85 bn.

The bank’s financing for corporates increased by about 24.12% to reach EGP24.71 bn by the end of September 2023, compared to EGP 19.90 bn by the end of 2022, with an increase of EGP 4.80 bn.

The bank’s loans to retail also increased marginally to EGP8.59 bn by the end of the third quarter of 2023, compared to EGP8.54 bn by the end of 2022, with an increase of EGP46.56 mn.

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