EGBANK’s financial efficiency indicators evolution during 2023
First Bank
EGBANK has achieved progress in its financial efficiency indicators during the last year, The following analysis highlights bank's development in financial efficiency indicators during 2023.
The separate financial statements of EGBANK, ending on December 31 2023, revealed that the bank achieved a return on average equity (ROE) of 22.26% during 2023, compared to 15.48% during 2022.
The return on average assets of the bank was 1.53% during the last year, compared to 1.03% during 2022.
The main reason for the increase in ROE and ROA is the bank's net profits increase with a growth rate of 65.19%, reaching EGP 1.414 bn during 2023, compared to EGP 856 mn during 2022, an increase of EGP 558 mn.
In terms of earnings per share, the bank recorded a growth rate of 64.43% during 2023, with the bank's share of net profits reaching about EGP 2.45 per share during the 2023, compared to EGP 1.49 during 2022.
It is worth mentioning that the bank achieved a growth of 39% in its Equity portfolio during 2023, as it increased from EGP 5.32 bn at the end of December 2022 to EGP 7.39 bn at the end of December 2023 an increase of EGP 2.07 bn.
The bank's asset portfolio also surged by 12.43% during the last year, reaching EGP 97.52 bn at the end of December 2023, compared to EGP 86.74 bn at the end of December 2022, an increase of EGP 10.79 bn.
