Egypt's NBE seen a19.04% jump in its total deposits portfolio in 9M-22

Egypt’s National Bank (NBE), largest state-owned lender, announced that total deposits portfolio have jumped to stand at EGP 2.841 trillion with a growth rate of 19.04% and an increase of EGP 454.3 billion at the end of September 2022, according to its recently published financial results.

The bank also revealed that its net profits have jumped to stand at EGP 22.778 billion, in addition its pre-taxes net profits increased to record EGP 48.588 billion during the first 9 months of 2022, according to its recently published financial results.

According to the results, the bank’s total deposit portfolio increased to EGP 2.841 trillion at the end of September 2022, compared to EGP 2.386 trillion at the end of December 2021.

Moreover, NBE’s corporates deposits jumped by 12.63% to stand at EGP 607.92 billion at the end of September 2022, compared to EGP 539.75 billion at the end of 2021, thus obtaining 21.40% of the total customer deposits in the bank.

The bank’s individual deposits jumped by 20.91% at 9M-22;  It moved from EGP 1.847 trillion at the end of December 2021, to record EGP 2.233 trillion at the end of September 2022, thus accounting for 78.60% of the bank’s total deposits.

Furthermore, the bank's total assets has also witnessed a leap by 16.94% to record EGP 3.781 trillion at 9M-22 in comparison to EGP 3.234 trillion at the end of December 2021 with an increase  of EGP 547.7 billion.