EBank grows by 45% on FirstBank composite growth index At 9M-2023

The separate financial statements of Egyptian Export Development Bank “EBank”, ending on September 30th of the current year, revealed that the bank achieved a composite growth rate of 45.33% during the first 9 months of 2023.

This rate was measured by a composite index developed by First Bank to measure financial performance of banks with one number, at the level of all branches of activity that include net profits, deposit portfolio, loan portfolio, and asset portfolio, during the period from January to September 2023.

The bank was able to achieve positive results in its 4 sub-indicators that make up First Bank composite growth index, topped by the bank’s net profits, which formed the largest percentage in the growth of the bank’s activity, by 128.5%, to record EGP 2.156 bn during the first 9 months of 2023, compared to EGP 943.7 mn during the same period of 2022, with an increase of EGP 1.212 bn.

The bank’s total customer loans received the second contributor to this growth, as it increased by 20.67% during the first 9 months of the current year, to record EGP 54.1 bn at the end of September 2023, compared to EGP 44.8 bn at the end of December 2022, with an increase of EGP 9.3 bn.

The customer deposit portfolio at the bank increased by a growth rate of 18.29%, with an increase of EGP 13.3 bn during the first 9 months of the current year, reaching EGP 86.2 bn by the end of September 2023, compared to EGP 72.9 bn by the end of December 2022.

In addition, The bank’s total asset increased by 13.9% during the first 9 months of the current year, to record EGP 110.2 bn at the end of September 2023, compared to EGP 96.8 bn at the end of December 2022, with an increase of EGP 13.4 bn.