Home Banking & Finance Emirates NBD-Egypt’s net profit jumps 174% to EGP 3.24 billion

Emirates NBD-Egypt’s net profit jumps 174% to EGP 3.24 billion

Net interest income rose by 69%, registering EGP 7.3 billion in 2023, compared to EGP 4.3 billion a year earlier

Emirates NBD-Egypt’s net profit jumps 174% to EGP 3.24 billion
The customer deposits portfolio rose by 20% or EGP 17.5 billion to reach EGP 102.7 billion in 2023. Image credit: Supplied

Emirates NBD-Egypt’s full-year net profit surged by 174% to EGP 3.24 bn in 2023 compared to EGP 1.2 billion a year earlier – the highest annual growth rate in the bank’s profits since it set shop in Egypt.

The bank’s pre-taxes profits recorded EGP 4.9 billion in 2023, compared to EGP 2 billion in 2022, with a growth rate of 141%, and an increase of about EGP 2.9 billion.

Net interest income rose by 69%, registering EGP 7.3 billion in 2023, compared to EGP 4.3 billion in 2022, with an increase of EGP 3 billion.

Net fees and commissions income rose by 110% during the past year to reach EGP 1.1 billion in 2023, compared to EGP 534.1 million in 2022.

Emirates NBD-Egypt’s assets rose by 27% EGP 128.1 billion by the end of December 2023, compared to EGP 100.9 billion in 2022 – an increase of EGP 27.2 billion. The lender said the increase in assets is the largest since it entered the Egyptian market.

The customer deposits portfolio rose by 20% or EGP 17.5 billion to reach EGP 102.7 billion in 2023 compared to EGP 85.2 bn a year ago, reflecting customers’ confidence in the products and services offered by the bank that meet depositors’ aspirations.

The bank expanded granting loans during the past year, making its total customer loans increase by EGP 13.7 billion, bringing its total loan portfolio to EGP 60.1 billion by the end of 2023.

Its corporate loan portfolio jumped by EGP 46 billion in 2023, up 36% compared to EGP 33.9 billion a year ago.

Similarly, Emirates NBD-Egypt’s retail loans increased by 12.8% to EGP 14.1 billion by the end of last year, compared to EGP 12.5 billion in 2022.