EGBANK grows by 27.33% on First Bank composite growth index during 2023

The Separate financial statements of EGBANK, which ended on December 31st of the last year, revealed that the bank achieved a composite growth rate of 33.13% in 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 December 2023.

EGBANK 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 65.2%, recording EGP 1.4 bn during 2023, compared to EGP 855.5 mn in the same period in 2022, an increase of EGP 558 mn.

Total customer loans at the bank were the second contributor to this growth, it grew with a growth rate of 18.52% by 2023End, reaching EGP 33.7 bn by the end of December 2023, compared to EGP 28.45 bn at the end of December 2022, an increase of EGP 5.27bn.

Total customer deposits was the third contributor in growth of EGBANK with a growth rate of 13.1% and an increase of approximately EGP 9.4 bn during 2023, to record EGP 81.1 bn by the end of December 2023, compared to EGP 71.7 bn at the end of December 2022.

  The size of Asset portfolio, increased by 12.43% during the last year, reaching EGP 97.5 bn by the end of December 2023, compared to EGP 86.7 bn at the end of December 2022, with an increase of EGP 10.8 bn.