EBank scores 50.37 points on First Bank Financial Soundness Index by the end of March 2024

EBank scores 50.37 points on the First Bank Financial Soundness Index by the end of the first quarter of 2024, compared to the sector average of 50 points on this index by the end of the same period

The financial safety soundness index, developed by First Bank’s research center, evaluates the strength and resilience of financial institutions, their financial safety, and their ability to safeguard the funds of depositors and shareholders.

The financial soundness index considers 6 metrics: capital adequacy ratio, leverage ratio, asset coverage ratio for deposits, shareholders’ Equity coverage ratio for deposits, loans to deposits ratio, and non-performing loan ratio.

For the first sub-index, capital adequacy ratio, E-Bank achieved 15.37% by the end of March 2024, exceeding the regulatory limit limits set by the Central Bank of Egypt which are consistent with Basel Accord of 12.5%, but was below the banking sector average of 18.10% by the end of the same period.

As for the second element of the Financial soundness Index, the leverage ratio, the Bank exceeded the banking sector average, with the bank's leverage ratio being 8.46% by the end of March 2024, compared to the sector average of 7.30% in the same period.

In terms of the third element, the non-performing loan ratio, it stood at 2.38% by the end of March 2024, compared to the sector average of 2.6% in the same period

The fourth element, the deposit employment rate for loans (loans/deposits), achieved 58.72% by the end of the first quarter of 2024, compared to 59.9% across the sector at the end of the same period

Regarding the fifth element of the First Bank Financial soundness Index, Asset coverage ratio for deposits (assets/deposits), the Bank registered 130.18% by the end of March 2024, compared to the banking sector average of 156.64% in the same period.

As for the sixth and final element, Shareholders’ Equity coverage ratio for deposits (equity/deposit), EBank exceeded the sector average, reaching 13.59% by the end of March 2024, compared to 10.88% at the banking sector level in the same period

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