EBank tops Banks in focusing on corporate deposits by the end of March 2024

Export Development Bank of Egypt leads the First Bank list of top banks in focusing on corporate deposits by the end of March 2024, after its portfolio of corporate deposits accounted for 83.94% of its total deposit volume by the end of the first quarter of this year.

The bank's corporate deposit portfolio jumped to EGP 90.6 bn by the end of March 2024, compared to EGP 73.7 bn by the end of 2023, with a growth of 22.83% and an increase of EGP 16.8 bn.

The Bank's total customer deposit portfolio increased by EGP 21 bn, with a growth rate of 24.1% during the first quarter of this year, to EGP 107.9 bn by the end of March 2024, compared to EGP 86.9 bn by the end of 2023.

Overall, EBank has been performing well since early this year, with net profits jumping by 106% to exceed EGP 1 bn in the first quarter of 2024, compared to EGP 501.8 mn in the first quarter of 2023, with an increase of EGP 529.4 mn.

Net interest income jumped to EGP 1.9 bn in the first quarter of 2024, compared to EGP 1.1 bn during the same period of 2023, with a growth of 72.37% and an increase of EGP 794.3 mn.

Net fees and commissions income rose by 20.27%, up to a record of EGP 403.8 mn during the first quarter of this year, compared to EGP 335.7 mn during the same period from 2023

The bank's asset volume rose by 20.3% and an increase of EGP 23.7 bn during the first quarter of this year, reaching EGP 140.5 bn by the end of March 2024, compared to EGP 116.8 bn by the end of December 2023.

Net customer loans rose to EGP 61 bn by the end of March 2024, compared to EGP 52.4 bn by the end of 2023, with a growth of 16.44% and an increase of EGP 8.6 bn.

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