Emirates NBD accelerates to 87.6% during Q2-2023
First Bank
Emirates NBD-Egypt achieved an acceleration in growth during the second quarter of 2023, compared to the first quarter of the same year, as the bank recorded a composite growth rate of 87.57% during the second quarter of 2023, compared to a compound growth rate of 60.23% during the first quarter of the current year.
This came according to the composite growth index that First Bank developed to measure the financial performance of banks with one number, which shows the compound growth of the bank in 4 indicators, namely net profit, assets, total customer loans, and deposits.
The bank was able to achieve positive results on the level of 3 out of 4 sub-indicators that make up the First Bank composite index during the second quarter of the current year, and at the forefront of which is net profit, as the bank recorded a growth in its net profit at a growth rate of 337.9% during the second quarter only from 2023.
The size of the bank's customer deposit portfolio contributed to this growth, obtaining the second largest growth rate of 8.03% during the second quarter of the current year, the bank also achieved a growth in its asset portfolio at a rate of 6.01%, while the total customer loan portfolio at The bank declined by 1.67% during the period from April to June 2023.
As for the first quarter of the current year, net profit was also the most influential in growth on FirstBank composite index, as the bank achieved a growth in its net profit at a growth rate of 215.94% during only the first three months of 2023.
Total customer loan portfolio of the bank obtained the second place for contributing to this growth at a rate of 12.79% during the first quarter of 2023, while the size of both asset and deposit portfolios increased at growth rates of 8.07% and 4.12%, respectively, during The same period.
It is worth noting that all values used in calculating the growth rates contained in the analysis are according to the financial statements announced at the end of the periods under analysis on the official website of the bank.
