Foreign currencies acquire 27% of EBank customer loans by Sep- 2023End
First Bank
EBank's financial statements ending on September 30th of the current year, revealed that the Bank achieved strong growth rates in all its financial indicators from January to September 2023, to witness a significant growth in net customer loans at a rate of 21%, and with an increase of about EGP 8.98 bn, to record EGP 51.96 bn by the end of September 2023, compared to EGP 42.97 bn by the end of 2022.
First Bank highlights the growth of EBank customer loan portfolio in different currencies during the first 9M of 2023.
EBank's loan portfolio in Egyptian pounds rose by 11.5% and with an increase of EGP 3.91 bn during the first 9M of this year to move its portfolio in local currency from EGP 34.19 bn by the end of last year, to EGP 38.10 bn by the end of September 2023.
Customer loan portfolio in local currency accounted for the largest share of the Bank's net loans, at a relative weight of about 73% by the end of the first 9M of this year.
As for its net customer loans in foreign currency, it rose to the equivalent of EGP 13.86 bn by the end of September, compared to the equivalent of EGP 8.79 bn by the end of 2022, jumping by 57.6% and with an increase of EGP 5.07 bn.
The relative weight of EBank's customer loan portfolio in foreign currencies increased to 27% of the net customer loan portfolio by the end of Q3 of this year, compared to 20% by the end of December 2022.
Bank customer loans in US dollar received the largest share of its net customer loans in foreign currency, to acquire 23.5% of net customer loans by the end of January-September this year, having risen by 52.7%, with an increase of about EGP 4.22 bn, recorded equivalent of EGP 12.2 bn during the first 9M of 2023, compared to EGP 8 bn by the end of last year.
The Bank's customer loans in Euro were the fastest growing customer loan portfolio. Having grown by 109%, with an increase of EGP 844 mn during the first 9M of 2023, to record EGP 1.62 bn by the end of September 2023, compared with EGP 773.85 mn by the end of 2022, despite the growth witnessed, it remained to account for a small percentage of about 3% of the bank's net customer loans.
