Emirates NBD Tops Egyptian Banks in Direct Financing Growth
First Bank
Emirates NBD has topped the list of First Bank as the fastest-growing bank in direct loans during the first quarter, with a growth rate of 30.94%. Its portfolio increased to EGP 15.16 bn by the end of March 2023, compared to EGP 11.58 bn at the end of 2022.
This contributed to raising the bank's total financing for corporates to EGP 38.59 bn by the end of March 2023, compared to EGP 33.91 bn at the end of 2022, with a growth rate of 13.81% and an increase of EGP 4.68 bn.
Total loans and facilities to customers increased by 12.79% during the first quarter of this year, with an increase of EGP 5.94 bn, reaching EGP 52.34 bn by the end of March 2023, compared to EGP 46.40 bn at the end of 2022.
Emirates NBD achieved strong performance during the current year, with a net profit growth rate of 215.94%, reaching EGP 964.65 mn during the first quarter of 2023, compared to EGP 305.33 mn during the same period in 2022, an increase of EGP 659.33 mn.
Pre-tax profit jumped by 172.03%, recording EGP 1.38 bn during the first quarter of 2023, compared to EGP 506.41 mn during the first quarter of 2022.
The bank's total assets recorded a growth rate of 8.07%, with total portfolio rising to EGP 109.08 bn by the end of March 2023, compared to EGP 100.94 bn at the end of 2022, an increase of EGP 8.14 bn.
Furthermore, Emirates NBD's customer deposit portfolio increased by 4.12%, as the bank managed to increase its deposits by EGP 3.51 bn, reaching EGP 88.73 bn by the end of March 2023, compared to EGP 85.22 bn at the end of 2022.
