NBE's Resource employment rate jumps to 109.8%

The financial statements of the National Bank of Egypt, which ended on March 31, 2023, revealed that it continued its expansion policy of employing its resources during the first 3 months of this year, as its resource employment rate jumped to 109.8% by the end of the first quarter of this year, as opposed to 104.8% by the end of 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.

The Bank's exceptional performance on the index during the first quarter of 2023 is due to its optimistic expansion policy in the use of its traditional resources during the first 3M of this year, so that the Bank can employ all its traditional resources as well as add other resources to both loans and financial investments.

The figures were best evidence as NBE employed EGP 3.96 tn in both loans and financial investments of EGP 2.11 tn for financial investments and EGP 1.86 tn for total customer loans, while the bank's traditional resources recorded EGP 3.61 tn by the end of March 2023.

The Bank employed EGP 3.61 tn in loans and financial investments of EGP 1.88 tn for financial investments and EGP 1.73 tn for total customer loans, while the Bank's traditional resources recorded EGP 3.44 tn by the end of 2022.

With regard to the distribution of the traditional resources of the National Bank of Egypt in the first quarter of 2023, the value of the deposit portfolio was EGP 3.38 tn, while the value of equity was 230.1 bn by the end of the same period of this year.

The Bank's deposit employment rate increased to 54.9% by the end of March 2023, compared to 53.7% by the end of 2022

As for the deposit employment rate for financial investments, it rose to 62.4% by the end of March 2023, compared to 58.3% by the end of 2022

It is worth mentioning that the National Bank of Egypt (NBE) rightly exceeds the sector average, with the banking sector's employment index registered about 91.92% by the end of March 2023.