How NBK-Egypt distributed its customer deposit portfolio between different currencies

The financial statements of National Bank of Kuwait- Egypt, ending in June of the current year, revealed an increase in the bank's customers' deposit portfolio by approximately EGP 5.46 bn, growing at a rate of 6.46% during the first half of the current year. The total portfolio increased from EGP 84.46 bn at the end of 2022 to EGP 89.92 bn at the end of June 2023.

First Bank reported the growth achieved by the bank's customer deposits in various currencies at the end of the first half of 2023. Customer deposits in EGP experienced a marginal decrease of about 0.20%, reaching EGP60.66 bn at the end of June 2023, compared to EGP60.79 bn at the end of December 2022.

Despite this slight decline, deposits in the local currency accounted for the largest share of the bank's total customer deposits, approximately 67.47% by the end of June 2023.

As for customer deposits in foreign currencies, they increased to the equivalent of EGP29.25 bn at the end of June 2023, compared to the equivalent of EGP23.67 bn at the end of the previous year, with a growth rate of 23.58% and an increase of about EGP5.58 bn.

The relative weight of NBK's deposits in foreign currencies was about 32.53% of the total customer deposit portfolio at the end of the first 6 months of 2023.

The largest in size among foreign currency deposits was in US $, occupying the second position in the bank's total deposits with a relative weight of 30.6%, increasing to the equivalent of EGP27.51 bn at the end of the first half of 2023, compared to the equivalent of EGP21.89 bn at the end of December 2022, achieving a growth rate of 25.67% and an increase of about EGP5.62 bn on a semi-annual basis.

Meanwhile, customer deposits in pound sterling saw the fastest growth among the deposit portfolio, increasing by about 45% to reach the equivalent of EGP132.02 mn at the end of June 2023, compared to the equivalent of EGP91.05 mn at the end of 2022, an increase of approximately EGP40.97 mn. Despite the rapid growth during the first half of 2023, they constituted a small percentage of the bank's total customer deposits.

As for customer deposits in Euro, they amounted to about EGP1.4 bn at the end of the first half of 2023, compared to the equivalent of EGP1.5 bn at the end of 2022.

Regarding customer deposits in other currencies, they jumped by about 20.11% to reach the equivalent of EGP162.71 mn at the end of June 2023, compared to the equivalent of EGP 135 mn at the end of December 2022, with an increase of about EGP27.24 mn.