Banque Misr grows by 42% on First Bank composite growth index during 9M- 2023

The Separate financial statements of Banque Misr, ending on September 30th of the current year, revealed that the bank achieved a composite growth rate of 42% during the first 9M- 2023.

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

Banque Misr 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 121.6%, reaching about EGP 39.24 bn during the first 9 months of 2023, compared to EGP 17.71 bn in the same period in 2022.

Total loan portfolio and credit facilities at the bank were the Second contributor to this growth, increasing by a growth rate of 28.4% during the first 9M of the current year, reaching EGP 912.66 bn by the end of September 2023, compared to EGP 710.65 bn at the end of December 2022, an increase of EGP 202 bn

Furthermore, Bank's Total Asset was the third contributor to the growth of Banque Misr, with a growth rate of 12.6% and an increase of approximately EGP 278.75 bn during the first 9 months of the current year, to record EGP 2.50 tn by the end of September 2023, compared to EGP 2.22 tn at the end of December 2022.

Total customer deposits portfolio at the bank increased by 7.2% during the first 9M of the current year, reaching EGP 1.85 tn by the end of September 2023, compared to EGP 1.85 tn at the end of December 2022, with an increase of EGP 9.2 bn.