EGBANK’s net profits grow by 70%, reaching EGP537mn during Q1- 2024
First Bank
According to the bank's unaudited financial statements ending on March 31 2024. The bank's after-tax net profits increased by 70%, to record EGP 537.5 mn during the first quarter of 2024, compared to EGP 316.3 mn during Q1-2023.
Additionally, the bank's pre-tax profits climbed by 54%, reaching EGP 835.7 mn during Q1- 2024, up from EGP 541.4 mn during Q1- 2023.
Concerning the bank’s financial position, the bank’s deposit portfolio rose by 21%, amounting to EGP 98.138 bn by the end of March 2024 compared to EGP 81.142bn by the end of December 2023.
Loans and facilities to customers portfolio also saw a growth of 21%, totaling EGP 38.75 bn by the end of March 2024 compared to EGP 31.89 by the end of December 2023.
Moreover, total equity of the bank increased by 6% during the current year, reaching EGP 7.82 bn by the end of March 2024, compared to EGP5.39 bn by the end of December 2023.
The bank's reserves surged by 36% during the first quarter of the current year, reaching EGP 840.6 mn by the end of March 2024, up from EGP 618 mn by end of December 2023.
