EGBANK maintains its investment plans in 2023, financial investments at the front

The Egyptian Gulf Bank maintained its investment plans in 2023, where financial investments remained the first distention to employ its depositors' funds, while loans fell to the second position, as evidenced by their relative weight.

The Bank’s financial investments relative weight of the total assets was relatively stable at 41.46% by the end of 2023, compared to 41.37% by the end of 2022.

It also maintained its investment policy on loans, to record 32.71% of the bank's total assets by the end of 2023, compared to 31.01% by the end of 2022.

The cash and balances in the Central Bank of Egypt accounted for the third largest component of the Bank's asset portfolio, weighing proportionately 11.59% of total EGBank’s assets by the end of 2023, compared to 9.78% by the end of 2022, after being in the fourth position of its investment directions.

The balances of the Banks inside represented the fourth largest component of the Bank's asset portfolio, weighing proportionately 9.19% of Bank’s total assets by the end of 2023, compared to 13.07% by the end of 2022, and the remaining percent was concentrated in other various assets.

The policies followed by EGBANK in 2023 resulted in good growth rates, with the bank's net profit rising by 65.2%, reaching EGP 1.4 bn last year, compared to EGP 855.5 mn in 2022, with an increase of EGP 558 mn.

Net fees and commissions income jumped to EGP 662.2 mn in 2023, compared to EGP 285.1 mn in 2022, with a growth of 132.2% and an increase of EGP 377.1 mn.

Net interest income rose from EGP 3 bn in 2022 to EGP 3.6 bn in 2023, with a growth rate of 20% and an increase of EGP 608.7 mn.

EGBANK asset portfolio rose by 12.43% over the past year, moving from EGP 86.7 bn by the end of 2022, to EGP 97.5 bn by the end of 2023, with an increase of EGP 10.8 bn.

Total financial investment rose to EGP 40.4 bn by the end of 2023, compared to EGP 35.9 bn by the end of 2022, with growth of 12.7% and an increase of EGP 4.6 bn.

The size of the Bank's customer deposits portfolio rose by 13.1% over the past year, registering EGP 81.1 bn by the end of 2023, compared to 71.7 bn by the end of 2022, with an increase of EGP 9.4 bn.

The Bank's net customers loans jumped by 18.6%, reaching EGP 31.9 bn by the end of 2023, compared to EGP 26.9 bn by the end of 2022, with an increase of EGP 5 bn.

Cash and balances in the Central Bank of Egypt rose to EGP 11.3 bn by the end of 2023, compared to EGP 8.5 bn by the end of 2022, with a growth of 33.2%, and an increase of EGP 2.8 bn.

Balances in Banks fell from EGP 11.3 bn by the end of 2022, to EGP 9 bn by the end of 2023.