EGBANK’s growth accelerates to 20.3% during Q3-2023

Egyptian Gulf Bank "EGBANK" achieved an acceleration in growth during the third quarter of 2023 compared to the second quarter of the same year, recording a composite growth rate of 20.3% during Q3- 2023, compared to a composite growth rate of 16.73% during Q2 of the current year.

This came according to the composite growth index that First Bank developed to measure the financial performance of banks with one number, which shows the compound growth of the bank in 4 indicators, namely net profit, assets, total customer loans, and deposits.

The bank managed to achieve positive results in 3 sub-indicators comprising the composite First Bank index during the Third quarter of the current year, especially in net profits, registering a growth rate of 80.9% in its net profits during the Third quarter of 2023.

Total loans and facilities to customers portfolio contributed to this growth, with a growth rate of 3.57% during the third quarter of the current year, total deposits increased by growth rates of 3.38% while total assets declined by 6.5% during the period from July to September 2023.

As for the Q2 -2023, net profits were also the most impactful factor in the growth of the composite First Bank index, as the bank achieved a growth rate of 60.64% in its net profits during the period from April to June 2023.

Total customer loans at the bank increased with a growth a rate of 3.48% during the Second quarter of 2023, while the size of the bank's Assets increased by 4.17%, Total customer loans at the bank Fell by 1.37% during the same period.

It is worth noting that all values used in calculating the growth rates mentioned in the analysis are based on the financial statements announced at the end of the periods, available on the bank's official website.