Banking sector grows by 25% on First Bank composite growth index during 10M-2023

The Egyptian banking sector achieved a composite growth rate of 25.12% on First Bank composite growth index during the first 10 months of 2023.

This growth was supported by positive growth rates in all 3 sub-indicators of First Bank composite index, with assets portfolio being the largest contributor to the sector's growth during the first 10 months of 2023

Assets portfolio in banks (excluding CBE) increased by 33.04% to reach EGP15.2 tn by the end of October 2023, compared to EGP 11.4 tn at the end of December 2022, with an increase of EGP 3.8tn.

Total loan portfolio was the second major contributor to the sector's growth, rising by 27.12% to reach EGP 5.1 tn by the end of October 2023, compared to EGP4.01 tn at the end of 2022, an increase of EGP1.1 tn.

Deposits portfolio came in third place, contributing to the banking sector's growth with a 15.21% during the period from January to October of the last year, reaching EGP9.9 tn by the end of October 2023, compared to EGP 8.6 tn at the end of December 2022, an increase of EGP1.3 tn.