Banque Misr growth slow-down to 13.5% during Q3-2023

Banque Misr's growth slow-down during the third quarter of 2023, recording a compound growth rate of 13.51%, compared to 204.13% during Q2-2023.

This rate was measured through a composite growth index developed by First Bank to measure the financial performance of banks with a single figure during Q3-2023.

Banque Misr was able to achieve positive results in 3 sub-indicators (net profits, deposit portfolio, loan portfolio, and asset portfolio) led by net profit which formulated First Bank composite growth index, recorded a growth rate of 44.4% during Q3-2023.

Total loans and facilities to customers portfolio contributed to this growth, with a growth rate of 9.24% during the third quarter of last year, while the total assets increased by growth rate of 1.26% total deposits decreased by 0.82% during the period from June to September 2023.

As for the Q2 -2023, Banque Misr was able to achieve positive results in 2 sub-indicators 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 816% in its net profits during the period from April to June 2023.

Total customer loans at the bank ranked second in contributing to this growth with a rate of 2.18% during the Second quarter of 2023, while the size of the bank's Assets and deposit portfolios declined by 0.14% and 1.27% respectively during the same period.

It should be noted that all figures and growth rates mentioned above, are according to financial statements published on the bank’s official website.