BANK NXT tops the fastest growing banks in credit cards during the first 9M-2024

1/14/2025 5:18:17 PM

Bank NXT's credit card portfolio has seen record growth over the past year, jumping by 237.86%, reaching EGP 272.147 mn by the end of September 2024, compared to EGP 80.550 mn by the end of 2023, with an increase of EGP 191.597 mn.

Thanks to this strong growth, Bank NXT topped the "First Bank" list of the fastest growing Banks in credit card in the first 9 months of 2024, compared to seventh place during the same period in 2023.

Overall, Bank NXT performed well over the past year, jumping 66% net profits, registering EGP 1.3 bn in the first 9 months of 2024, compared to EGP 801.3 mn in the same period of 2023.

Net interest income rose by 60%, registering EGP 2.9 bn in the first 9 months of 2024, compared to EGP 1.8 bn in the same period of 2023.

The share in the Bank's profits during the period from early January to the end of September jumped to EGP 1.48 per share, compared to EGP 0.86 pounds per share during the same period from 2023, with a growth of 72.09% and an increase of 0.62 pounds per share.

Its asset portfolio rose by 28% in the first 9 months of last year, registering EGP 78.9 bn by the end of September 2023, compared to EGP 61.4 bn by the end of December 2023.

Its portfolio of customer deposits rose by about 31% in the first 9 months of last year, reaching EGP 66.5 bn by the end of September 2024, compared to EGP 50.9 bn by the end of December 2023.

The Bank's total customer loans jumped by EGP 3.941 bn in the first 9 months of last year, registering EGP 26.738 bn by the end of September 2024, compared to EGP 2.796 bn by the end of 2023, with a growth of 17.29%.