BANK NXT's total assets jump by 73.5% in less than 3 years, recording EGP 78.9 bn

Bank NXT achieved a record rise in its total assets in less than 3 years, after the portfolio volume jumped by 73.50%, reaching EGP78.87 bn by the end of September 2024, compared to EGP 45.45 bn by the end of December 2021.

Tracking the portfolio growth journey over the period under analysis, the highest annual growth rate was achieved by the portfolio in 2022, after the bank's total assets increased by 21.87% and by EGP 9.94 bn, registering EGP 55.39 bn by the end of December 2022, compared to EGP 45.45 bn by the end of December 2021.

In 2023, Bank NXT's total assets increased by 10.94%, increasing by EGP 6.06 bn, registering EGP 61.44 bn by the end of December 2023, compared to EGP 55.39 bn by the end of December 2022.

As for the evolution of the size of the portfolio over the past year, it rose by 28.35% and an increase of 17.42 during the first 9 months of 2024, reaching 78.87 billion pounds by the end of September, compared to 61.45 billion pounds by the end of December 2023.

It is worth mentioning that the Bank had strong business results in the first 9 months of last year, seeing a 66% net profit growth, after registering 1.3 billion pounds in the first 9 months of 2024, compared to 801.3 million during the same period in 2023.

Net interest income rose by 60%, registering 2.9 billion pounds in the first 9 months of 2024, compared to 1.8 billion during the same period in 2023, bringing an increase of 1.1 billion pounds.

The Bank's total deposits increased by 31% during the first 9 months of last year, to 66.5 billion pounds by the end of September 2023, compared to 50.9 billion by the end of December 2023, marking an increase of 15.6 billion pounds.

The Bank's total equity rose by 21% and an increase of 1.4 billion pounds over the first 9 months of last year, to register 7.8 billion pounds by the end of September 2024, compared to 6.5 billion by the end of December 2023.