EGBANK’s financial efficiency indicators evolution during Q1-2024

EGBANK has achieved progress in its financial efficiency indicators during the first quarter of the current year, The following analysis highlights bank's development in financial efficiency indicators during Q1- 2024.

The separate financial statements of EGBANK, ending on March 31 2024, revealed that the bank achieved a return on average equity (ROE) of 7.07% during Q1- 2024, compared to 5.75% during Q1- 2023.

The return on average assets (ROA) of the bank rose to reach 0.49% during the first 3 months of this year, compared to 0.34% during the same period of 2023.

The main reason for the increase in ROE and ROA is the bank's net profits rose with a growth rate of 70%, reaching EGP 537.5 mn during the first quarter of 2024, compared to EGP 316.3 mn in Q1- 2023, with an increase of EGP 221.2mn

In terms of earnings per share, EGBANK recorded growth of 72.2% during the period from January to March of this year, with EGBANK's share of net profits reaching around EGP 0.93 per share in the first quarter of 2024, compared to EGP 0.54 during the same period from 2023.

It is worth mentioning that the Bank achieved a growth in its equity portfolio of 6% in the first quarter of this year, registering EGP 7.8 bn by the end of March 2024, compared to 7.4 bn by the end of December 2023.

The volume of the Bank's asset portfolio also increased at a growth rate of 23% during the first 3M of this year, recording EGP 119.9 bn by the end of March 2024, compared to 97.5 bn by the end of December 2023, with an increase of EGP 22.4 bn.