Bank NXT achieves 40% growth on First Bank composite Growth Index during 2024

The periodic financial statements of BANK NXT, for the financial period ending December 31, 2024, revealed that it achieved a composite growth rate of 39.9% over the past year.

This rate was measured through a composite index developed by «First Bank» to measure the financial performance of banks with one number, at the level of all branches of activity that include net profits, deposit portfolio, loan portfolio, and asset portfolio, during the past year.

BANK NXT was able to achieve positive results in its four sub-indicators that make up the «First Bank» index, most notably net profits, which constituted the largest percentage of growth in the bank’s activity.

The bank's net profits jumped by about 54%, reaching 1.77 billion pounds during 2024, compared to 1.15 billion pounds during the same period in 2023, representing an increase of 620 million pounds.

The bank's total customer loan portfolio was the second contributor to this growth, rising by about 42.6% last year, reaching 32.51 billion pounds by the end of 2024, compared to 22.80 billion pounds by the end of 2023, an increase of 9.72 billion pounds.

The customer deposit portfolio represented the third contributor to this growth, rising by about 33.6% and an increase of 17.11 billion pounds over the past year, recording 68.01 billion pounds by the end of 2024, compared to 50.90 billion pounds by the end of 2023.

The total assets of BANK NXT increased by about 29.3% in 2024, reaching 79.42 billion pounds by the end of 2024, compared to 61.48 billion pounds by the end of 2023, an increase of 17.98 billion pounds.