EBank enhances financial soundness index, distress rate declines to 2.30% by September 2023 end

Export Development Bank of Egypt’s separate financial statements showed a record improvement in financial soundness indicators, with the bank's distress rate falling to 2.30% by the end of September 2023, compared to 3.59% by the end of 2022, succeeding in being below the banking sector average of 3.3% across the sector by the end of the same period.

This is due to the decline in its distress values from EGP 1.61 bn by the end of 2022, to EGP 1.24 bn by the end of Q3 of 2023, with a decline of 22.7%, and a value of EGP 365.6 mn.

The value of corporate distress fell by 25.9% during the first 9M of 2023, reaching EGP 1.1 bn by the end of September, compared to EGP 1.5 bn by the end of 2022, pushing the Bank's corporate distress rate down to 2.43%, compared to 3.84% by the end of the same period.

While the distress value of the retail banking sector was EGP 98.7 mn by the end of Q3 of 2023, compared to EGP 64 mn by the end of 2022, which contributed to a marginal rise of 1.44%, compared to 1.41% by the end of the same period.

These record rates come despite the high ratio of Loans To Deposit of EBANK, where the top bank listed on the Egyptian exchange in the rate of Loans To Deposit by the end of September 2023, with an employment rate of 62.76%, while becoming the third highest Egyptian bank at this rate.

The size of the Bank's retail loans portfolio increased by 51.1%, with a rise of EGP 2.3 bn during the first 9M of last year, reaching EGP 6.9 bn by the end of September 2023, compared to 4.5 bn by the end of December 2022, ranking second on the list of the fastest-growing listed banks in retail loans during the first 9M of last year.

Its corporate loans portfolio jumped to EGP 47.2 bn by the end of September 2023, compared to 40.3 bn bn by the end of December 2022, to grow by 17.25%, with an increase of EGP 6.9 bn, clinching third place on the First Bank list of the fastest growing banks in corporate loans during the first 9M of last year.

Total customer loans rose by 21% in the first 9M of last year, to register EGP 54.1 bn by the end of September 2023, compared to 44.8 bn by the end of December 2022, with an increase of EGP 9.3 bn, topping the list of the fastest-growing banks in total customer loans during the first 9M of last year.