EGBANK’s Resource Employment Rate stabilized at 83.75% by 2023

Egyptian Gulf Bank's resource employment rate has stabilized over the past year, despite a marginal rise in the rate, rising to 83.75% by the end of 2023, compared to 83.50% by the end of 2022.

This indicator, launched by the Research Centre of First Bank, measures the employment rate of traditional resources (deposits + equity), in (loans + financial investments) of banks operating in the Egyptian banking sector.

The slight rise in this indicator during 2023 reflects a balanced policy of EGBANK in the use of its resources.

The Bank has employed EGP 74.1 bn of its traditional resources, which recorded EGP 88.5 bn by the end of 2023 in loans and financial investment, with EGP 40.4 bn for financial investments, and EGP 33.7 bn for total customer loans.

This is compared to employing EGP 64.3 bn of its traditional resources, which recorded EGP 77 bn by the end of 2022 in loan and financial investments, with EGP 35.9 bn for financial investments, and EGP 28.5 bn for total customer loans.

At the end of 2023, the Bank's traditional resources distributed between EGP 81.1 bn of deposits portfolio and EGP 7.4 bn of equity value by the end of the same period.

The Bank's deposit employment for granting loans rose to 41.55% by the end of 2023, compared to 39.66% by the end of 2022, ranking ninth on the First Bank list of top listed banks in loans to deposit ratio rate to grant loans by the end of December

While the deposit employment rate for financial investments fell slightly to 49.83% by the end of 2023 compared to 50.03% by the end of 2022.

Despite the slight rise in the Bank's resource employment rate by the end of 2023, the index value of about 83.75% remained at levels below the sector average, with the banking sector's employment index registering about 96.57% by the end of the same period, according to the latest data of the Central Bank of Egypt.