Emirates NBD-Egypt net profits soars 200%, recording EGP2.55 bn during 9M-2023

Emirates NBD – Egypt, revealed record-breaking financial results in the first 9 months of 2023, with a 200% increase in net profits, reaching EGP 2.55 bn compared to EGP 852.6 mn in the same period of 2022. This marks the bank’s fastest quarterly net profit growth since entering the Egyptian market in 2013.

The bank reported pre-tax profits of EGP 3.74 bn in the first 9 months of 2023, a 160% growth compared to EGP 1.44 bn in the same period of 2022.

Net interest income jumped to EGP 5.1 bn, a 68% increase, with a significant addition of around EGP 2.1 bn.

Net income fees and commissions income also rose by 132%, reaching EGP 826 mn in the first 9 months of 2023, compared to EGP 356 mn in the same period of 2022.

On the primary financial portfolio level, the bank’s total assets increased by 28.17% to EGP 129.4 bn by the end of September 2023, compared to EGP 100.9 bn by the end of December 2022, marking the highest quarterly growth rate in the last decade since entering the Egyptian market.

The bank also recorded the fastest quarterly growth in its deposit portfolio, with a total deposit size increase of 29.89%, reaching EGP 110.7 bn by the end of September 2023, compared to EGP 85.2 bn at the end of 2022.

Additionally, the net loan portfolio of the bank increased by 18.47% to EGP 50.8 bn by the end of September 2023, compared to EGP 42.9 bn at the end of the previous year, reflecting a quarterly increase of EGP 7.9 bn – the highest quarterly loan growth since the bank’s inception in Egypt.

Amr El Shafei, CEO and Managing Director of Emirates NBD – Egypt, commented that these record-breaking results align with the bank’s ambitious plan to strengthen its financial portfolio, expand market shares, and enhance services for individuals and businesses. He emphasized the commitment to developing financial solutions that meet current and future customer expectations.

El Shafei highlighted the bank’s strong performance as a result of the entire team’s dedication to executing the expansion plan. He expressed confidence in maintaining this strong performance in the future, leveraging available opportunities in the Egyptian economy as one of the promising emerging markets in the Middle East.

It’s worth noting that Emirates NBD entered the Egyptian market in June 2013 through the acquisition of BNP Paribas Egypt.

The bank operates a network of 67 branches and approximately 332 ATMs across the country, offering a wide range of innovative products and services in retail banking, investment solutions, and corporate banking.

The bank prioritizes customer-centricity, ensuring that its products address the unique needs of each client, while its employees are recognized as a key strength, fully capable of identifying and managing prime investment opportunities.