EGBANK grows by 27.5% on FirstBank composite growth index At 9M-2023

The separate financial statements of Egyptian Gulf Bank "EGBANK", ending on September 30th of the current year, revealed that the bank achieved a composite growth rate of 27.5% during the first 9M- 2023.

This growth rate was measured using a composite index developed by First Bank to assess the financial performance of banks comprehensively, including net profits, deposit portfolio, loan portfolio, and asset portfolio, during the period from January to September 2023.

EGBANK managed to achieve positive results across all its sub-indicators constituting First Bank composite growth index, led by its net profits, which saw the most significant growth at a rate of 67.5%, an increase of EGP 421.5 mn reaching EGP 1.046 bn during the first 9 months of 2023, compared to EGP 624.6 mn during the same period in 2022.

The bank's customer loan portfolio was the second contributor to this growth, increasing by 17.04% during the first 9M of the current year, reaching EGP 33.3 bn by the end of September 2023, compared to EGP 28.4 bn by the end of December 2022, with an increase of EGP 4.8 bn.

Meanwhile, deposit portfolio was the third contributor to the growth of EGBANK, with a growth rate of 13.3% and an increase of approximately EGP 9.5 bn during the first 9M-2023, reaching EGP 81.2 bn by the end of September 2023, compared to EGP 71.7 bn by the end of December 2022.

In addition, Asset portfolio of The Bank increased by 12.2% during the first 9M of the current year, recording EGP 97.3 bn by the end of September 2023, compared to EGP 86.7 bn by the end of December 2022, with an increase of EGP 10.6 bn.