Banking sector grows by 21% on First Bank composite growth index during 8M-2023

The Egyptian banking sector achieved a composite growth rate of 21% on First Bank composite growth index during the first 8 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 during the first 8 months of 2023

Assets portfolio in banks (excluding CBE) increased by 26.96% to reach EGP14.47 tn by the end of August 2023, compared to EGP 11.4 tn at the end of December 2022, with an increase of EGP 3.07tn.

Total loan portfolio was the second major contributor to the sector's growth, rising by 22.76% to reach EGP 4.93 tn by the end of August 2023, compared to EGP4.01 tn at the end of the previous year, an increase of EGP913.48 bn.

Deposits portfolio came in third place, contributing to the banking sector's growth with a 13.27% during the period from January to August of the current year, reaching EGP9.72 tn by the end of July 2023, compared to EGP 8.58 tn at the end of December 2022, an increase of EGP1.14 tn.