EGBANK grows by 34% on First Bank composite growth index during Q1-2024

The Separate financial statements of EGBANK, which ended on March 31 of the current year, revealed that the bank achieved a composite growth rate of 34% during Q1- 2024.

This rate was measured through a composite index developed by First Bank to measure the financial performance of banks comprehensively, including net profits, deposit portfolio, loan portfolio, and asset portfolio, all during the period from January to March 2024.

EGBANK managed to achieve positive results across all its sub-indicators constituting First Bank composite growth index, led by its net profits, which saw the most significant growth at a rate of 70%, recording EGP 537.5mn during the first quarter of 2024, compared to EGP 316.3 mn during the same period of 2023, an increase of EGP 221 mn.

The bank's asset portfolio was the second contributor to the growth, rising by 23% and an increase of approximately EGP 22.4bn during Q1-2024, reaching EGP 119.9bn by the end of March 2024, compared to EGP 97.5 bn by the end of December 2023.

Total customer loans at the bank were the Third contributor to this growth, it grew with a growth rate of 22% during Q1-2024, reaching EGP 41 bn by the end of March 2024, compared to EGP 33.7 bn at the end of December 2023, an increase of EGP 7.3bn.

In addition, Total customer deposits surged by 21% during the first 3 months of the current year, to record EGP 98.1 bn by the end of March 2024, compared to EGP 81.1 bn by the end of December 2023, with an increase of EGP 17 bn.