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

Export Development Bank leads First Bank list of top listed Banks in focusing on corporate deposits by the end of June 2024, after its portfolio of corporate deposits accounted for 85.69% of its total deposit volume by the end of the first half of this year. 

The Bank's corporate deposits portfolio jumped by 47.41% during the first 6M of this year, reaching EGP 105.4 bn by the end of June 2024, compared to EGP 71.5 bn by the end of 2023, representing an increase of EGP 33.9 bn.

The Bank's total customer deposits rose by more than EGP 36 bn in the first half of 2024, registering EGP 123 bn by the end of June, compared to EGP 86.9 bn by the end of 2023, with a growth of 41.47% on a semi-annual basis.

Overall, EBank has been performing strongly since the beginning of this year, with the bank's net profit jumping by 93%, reaching EGP 2.3 bn in the first half of 2024, compared to EGP 1.2 bn in the same period from 2023, with an increase of EGP 1.1 bn.

Net interest income get close to EGP 4 bn during the first half of 2024, compared to EGP 2.3 bn during the same period of 2023, with a growth rate of 69.2% and an increase of EGP 1.6 bn.

Net fees and commissions income rose by 20.6%, to EGP 834.2 mn in the first half of 2024, compared to EGP 691.8 mn in the same period from 2023.

Regarding the Bank's financial position, the asset portfolio rose to EGP 158 bn by the end of June 2024, compared to EGP 116.8 bn by the end of 2023, with a growth rate of 35.3% and an increase of EGP 41.2 bn.

The Bank's total customer loans portfolio rose by 14.84% and an increase of EGP 8.10 bn during the first half of this year, to EGP 62.72 bn by the end of June 2024, compared to 54.62 bn by the end of December 2023.