EGBANK’s financial efficiency indicators evolution At 9M-2023
Fatma Attia
EGBANK achieved a significant progress in its financial efficiency indicators during the first 9M of last year, The following analysis highlights bank's development in financial efficiency indicators from January to September 2023.
The separate financial statements of EGBANK, ending on September 30 2023, revealed that the bank achieved a return on average equity (ROE) of 16.88% during the first 9M- 2023, compared to 11.58% during the same period in 2022.
The return on average assets of the bank was 1.14% during the first 9 months of 2023, compared to 0.75% during the first 9 months of 2022.
The main reason for the increase in ROE and ROA is the bank's net profits increase with a growth rate of 68%, reaching EGP 1.046 bn during the first 9M- 2023, compared to EGP 624.6 mn during the same period in 2022, an increase of EGP 421.5 mn.
In terms of earnings per share, the bank recorded a growth rate of 65.4% during the period from January to September 2023, with the bank's share of net profits reaching about EGP 1.77 per share during the first 9 months of 2023, compared to EGP 1.07 during the same period in 2022.
It is worth mentioning that the bank achieved a growth of 33.2% in its Equity portfolio during the first 9M-2023, as it increased from EGP 5.3 bn at the end of December 2022 to EGP 7.1 bn at the end of September 2023.
The bank's asset portfolio also increased by 12.2% during the first 9M of the last year, reaching EGP 97.3 bn at the end of September 2023, compared to EGP 86.7 bn at the end of December 2022, an increase of EGP1.8bn.
