Banking sector grows by 53.62% on First Bank composite growth index during H1- 2024

The Egyptian banking sector achieved a composite growth rate of 53.62% on the First Bank composite growth index during the first half of the current year.

The banking sector was able to achieve positive results in all four sub-indicators (net profits, deposit portfolio, loan portfolio, and asset portfolio), which formulated the First Bank composite growth index, led by its net profits, which accounted for the largest percentage of the growth.

Net profits of banks operating in Egyptian banking (excluding CBE) rose by 128.04%, with an increase of about EGP 162.499bn, to record EGP 289.409bn during H1 of 2024, compared to 126.91bn during H1- 2023.

Assets portfolio in banks (excluding CBE) were the second major contributor to the sector's growth, rising by 36.16% to reach EGP19.336tn by the end of June 2024, compared to EGP 14.200 tn at the end of December 2023, with an increase of EGP 5.135tn.

However, the total loan portfolio, which is considered the third contributor to this growth, increased by 31.99% to reach EGP7.209tn by the end of June 2024, compared to EGP 5.462tn at the end of December 2023 with an increase of EGP 1.747tn.

The deposit portfolio increased by 18.29% during the period from January to June of the current year, reaching EGP11.991tn by the end of June 2024, compared to EGP 10.137tn at the end of December 2023.