EBank grows by 41.5% on FirstBank composite growth index during Q1-2024

The financial statements of EBank, which ended on March 31 2024, revealed that the bank achieved a composite growth rate of 41.5% during the first 3 months of the current year.

This growth rate was measured using a composite index developed by First Bank to assess the financial performance of banks comprehensively, including net profits, deposit portfolio, loan portfolio, and asset portfolio, during Q1- 2024.

EBank 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 105.5%, reaching EGP 1.03bn during the first quarter of 2024, compared to EGP 501.8 mn during the same period of 2023, with an increase of EGP 829.4mn.

Total customer deposits at the bank were the second contributor to this growth, it grew with a growth rate of 24.1% during Q1-2024, reaching EGP 107.9 bn by the end of March 2024, compared to EGP 86.9 bn at the end of December 2023, an increase of EGP 21bn.

The bank's asset portfolio was the third contributor to the growth, rising by 20.3% and an increase of approximately EGP 23.7bn during Q1-2024 to record EGP 140.5bn by the end of March 2024, compared to EGP 116.8 bn by the end of December 2023.

In addition, Total customer loans increased by 16% during the first 3 months of the current year, reaching EGP 63.4 bn by the end of March 2024, compared to EGP 54.6 bn by the end of December 2023, with an increase of EGP 8.8 bn.