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

The Egyptian banking sector achieved a composite growth rate of 25% on First Bank composite growth index during 2023.

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

Total loan portfolio increased by 31.73% to reach EGP5.29 tn by the end of December 2023, compared to EGP 4.01tn at the end of December 2022, with an increase of EGP 1.27tn.

Assets portfolio in banks (excluding CBE) was the second major contributor to the sector's growth, rising by 24.57% to reach EGP 14.20 tn by the end of December 2023, compared to EGP11.40 tn at the end of 2022, an increase of EGP2.80tn.

Deposits portfolio came in third place, contributing to the banking sector's growth with a 18.45% during the period from January to December of the last year, reaching EGP10.16tn by the end of December 2023, compared to EGP 8.58 tn at the end of December 2022, an increase of EGP1.58 tn.