NBK Egypt grows by 25.58% on First Bank Composite Growth Index during Q1-2023

The Business results of National Bank of Kuwait Egypt, which ended on March 31, 2023, revealed that the bank recorded a composite growth rate of 25.58% in all branches of activity that include net profits, deposit, loan, and asset portfolios.

This rate was measured through a composite index developed by First Bank to measure the financial performance of banks with a single figure, during the first quarter of 2023.

The bank was able to achieve positive results in all 4 sub-indicators (net profits, deposit portfolio, loan portfolio, and asset portfolio), led by net profit that recorded a growth rate of 86.82% to record EGP 652 mn during Q1- 2023, compared to EGP 349 mn at the same period 2022, with an increase of EGP 303 mn.

The bank's Total customer loans came in second place with a growth rate of 7% during the first quarter of this year, bringing the total portfolio from EGP 54.3 bn at the end of December 2022 to reach EGP 58.1 bn at the end of first quarter of this year, achieving an increase of EGP 3.8 bn.

Furthermore, the bank's Total asset achieved a growth rate of 4% recording EGP 109.3 bn by the end of March 2023, compared to EGP 105.1 bn by the end of 2022، with an increase of EGP 4.2bn.

In addition, Total customer deposit portfolio came in third place to record EGP 88.3 bn by the end of March 2023, compared to EGP 84.5 bn by the end of 2022, achieving a growth rate of 4.5%, and an increase of EGP 3.8 bn.