Ahli United Bank’s resource employment rate Fell to 86% by September-2023 End
First Bank
Ahli United Bank -Egypt's resource employment rate fell slightly by 1.7% to 86% by the end of September, compared to 87.7% by the end of December 2022.
This indicator, launched by the Research Centre of First Bank, measures the employment rate of traditional resources (deposits + equity), in (loans + financial investments) of banks operating in the Egyptian banking sector.
Meanwhile, this decline in the rate of resource employment of Ahli United Bank is attributable to a conservative policy towards the employment of its resources during the first 9M of this year.
With regard to the independent financial statements figures for the period ended on September 30, 2023, the Bank employed EGP 83.3 bn from its traditional resources, which recorded EGP 96.8 bn by the end of Q3 of 2023 in loans and financial investments, as invested EGP 19.7 bn in financial investments, and EGP63.6 bn for total loans.
While employing EGP 70.5 bn from its traditional resources, which recorded EGP 80.3 bn by the end of December last year in loan and financial investment items of EGP 17 bn for financial investments, and EGP 53.5 bn for total loans by the end of last year.
According to the distribution of the Bank's traditional resources during the first 9M from 2023, they were distributed between EGP 84.1 bn the value of the customer deposit portfolio, while total equity received EGP12.7 bn by the end of the same period.
As for the Bank's deposit employment rate for loans, it fell marginally to 75.7% by the end of September 2023, compared to 76.6% by the end of 2022.
The rate of deposit employment for the Bank's financial investments decreased by 23.4% from January to September 2023, compared to 24.3% by 2022.
The decline in the Bank's employment index during the first 9M of 2023 has boosted its move away from the average Egyptian banking sector, with the banking sector's employment index registering about 93% by the end of July 2023, according to the latest data of the Central Bank of Egypt.
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