Banking sector grows 19.36% on composite growth index in 9M-22

The Egyptian banking sector recorded a composite growth rate of 19.36 % in all its activities that included net profits, deposit portfolio, loan portfolio, and asset portfolio during the first 8 months of 2022.

This rate was measured through a composite growth index developed by First Bank to measure the financial performance of banks with a single figure during 9M-22.

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 First Bank composite growth index, led by the assets portfolio.

The banking sector’s assets portfolio has increased by 21.84% which is considered the largest in its activities growth in 9M generating net profit EGP 10.51 trillion, compared to EGP 8.7 trillion by the end of 2021

However, the deposit portfolio which is considered to the second contributor to the aggregated growth, as it increased by 18.56%, to record EGP 7.648 trillion at the end of last August, compared to EGP 6.450 trillion at the end of 2021 with an increase of EGP 1.197 trillion.

In addition, the strong performance of the banking sector was contributed to the increase in the loan portfolio, which rose by 17.69% to record EGP3.568 trillion at the end of August 2022, compared to EGP3.032 trillion at the end of 2021 with an increase of EGP536,448 million