QNB Al Ahli , Qatar National Banks unit in Egypt, recorded a composite growth rate of 33.19% in all its activi

Analysis

QNB Al Ahli grows 33.19% on First Bank’s composite growth index during 2022

1/15/2023 1:06:55 PM

QNB Al Ahli , Qatar National Bank’s unit in Egypt, recorded a composite growth rate of 33.19% in all its activities that included net profits, deposit portfolio, loan portfolio, and asset portfolio during 2022, according to its latest financial results.

This rate was measured through a composite growth index developed by First Bank to identify the financial performance of banks with a single figure during the year 2022.

QNB 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 customers deposits portfolio that recorded a growth rate of 37.41% by the end of September.

The customers’ deposits portfolio posted 407 billion Egyptian pounds by the end of December 2022 in comparison to 296.2 billion Egyptian pounds by the end of 2021 with growth amounting to EGP 110.8 billion.

The assets portfolio jumped by 34.6% to stand at EGP 476.8billion pounds in 12 months, compared to EGP 354.2 billion by the end of December 2021 with an increase of EGP122.6 billion.

The Bank’s net profit recorded EGP 10.172 billion by the end of December 2022, compared to EGP 7.542 billion during the same period of 2021 with a growth rate of 35.86%.

In addition, the bank's loans and facilities to customers jumped by 24.88% to record EGP 230.8billion at December 2022, compared to EGP 184.8 billion at the end of December 2021 with an increase of EGP 46 billion.