EGBANK’s resource employment rate declined to 71.15% during H1-2024
First Bank
EGBANK's separate financial statements for the financial period ended June 30 showed that the Bank's resource employment rate fell to 71.15% by the end of the first half of 2024, compared to 83.75% 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 sharp decline in the Bank's resource employment rate during the first half of this year reflects EGBANK’s conservative policy towards resource employment during this period, which has strengthened the Bank's move away from the resource employment rate average for banks operating in the sector of more than 97%, while the Bank has only 71.15%.
The Bank managed to employ EGP88.7Bn of its traditional resources, which recorded EGP124.6 bn by the end of June 2024 in both loans and financial investments with EGP46.8b n for financial investments, and EGP41.9bn for total customer loans.
While the Bank employed EGP74.15bn of its traditional resources, which recorded EGP88.53bn by the end of 2023 in both loans and financial investments with EGP40.43bn for financial investments, and EGP33.71bn for total customer loans
Regarding the distribution of the Bank's traditional resources at the end of June 2024, the value of the deposit portfolio was EGP116bn, while equity was recorded at EGP8.6bn.
The Bank's deposit employment rate fell to 36.07% by the end of June 2024, compared to 41.55% by the end of 2023
While deposit employment for financial investments fell to 40.33% by the end of the second quarter of 2024, compared to 49.83% by the end of 2023.
For more about EGBANK and its highlights click more
