NBK-Egypt's growth accelerates to 36.6% during Q2-2023

NBK-Egypt achieved accelerated growth in the second quarter of 2023 compared to the first quarter of the same year, recording a composite growth rate of 36.59% during the second quarter of 2023, compared to a consolidated growth rate of 25.66% during the first quarter of the current year.

Data is based on the composite growth index developed by First Bank to measure the financial performance of banks, indicating the bank's consolidated growth in 4 indicators: net profits, assets, total customer loans, and deposits.

The bank managed to achieve positive results in all sub-indicators comprising the composite First Bank index during the second quarter of the current year, especially in net profits, registering a growth rate of 123.82% in its net profits during the second quarter of 2023 alone.

Total loans and facilities to customers portfolio contributed to this growth, with a growth rate of 15.70% during the second quarter of the current year, while the total assets and deposits portfolios increased by growth rates of 5.01% and 1.84% respectively during the period from April to June 2023.

As for the first quarter of the current year, net profits were also the most impactful factor in the growth of the composite First Bank index, as the bank achieved a growth rate of 87.14% in its net profits during the first three months of 2023.

Total customer loans and facilities portfolio at the bank ranked second in contributing to this growth with a rate of 7.01% during the first quarter of 2023, while the size of the bank's deposits and assets portfolios increased by growth rates of 4.54% and 3.96% respectively during the same period.

It is worth noting that all values used in calculating the growth rates mentioned in the analysis are based on the financial statements announced at the end of the periods, available on the bank's official website.