Attijariwafa Bank’s resource employment rate fell to 76.54% by the end of March, 2024

The separate financial statements of Attijariwafa Bank Egypt for the financial period ended March 31 showed that the bank's resource employment rate fell to 76.54% by the end of the first quarter of 2024, compared to 77.38% by the end of 2023.

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 decline in the Bank's resource employment rate during the first quarter of this year reflects the continuation of a conservative policy on the use of its resources during this period.

The bank was able to employ EGP 71.2 bn from its traditional resources, which recorded EGP 93.1 bn by the end of March 2024 in both loans and financial investments, with EGP 22.5 bn for financial investments, and EGP 48.7 bn for total customer loans.

While employing EGP 65.6 bn from its traditional resources, which recorded EGP 84.8 bn by the end of 2023 in both loans and financial investments, with EGP 21.6 bn for financial investments, and EGP 44 bn for total customer loans.

In terms of the distribution of traditional resources at the Bank at the end of March 2024, the value of deposit portfolio was EGP 83.9 bn, while equity recorded at EGP 9.2 bn.

The bank's deposit employment rate for loans rose slightly during the first quarter of this year, rising to 58.06% by the end of March 2024, compared to 57.63% by the end of 2023.

While the deposit employment rate for financial investments fell to 26.85% by the end of March 2024, compared to 28.30% by the end of 2023.

The decline in the Bank's employment index during the first quarter of this year strengthened its move away from the average Egyptian banking sector, with the banking sector employment index registering about 97.16% by the end of March 2024.

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