Emirates NBD grows by 69% on FirstBank composite growth index At 9M-2023

The separate financial statements of Emirates NBD Egypt, ending on September 30th of the current year, revealed that the bank achieved a composite growth rate of 69% during the first 9M 2023.

This growth rate was measured using a composite index developed by First Bank to assess the financial performance of banks comprehensively, including net profits, deposit portfolio, loan portfolio, and asset portfolio, during the period from January to September 2023.

Emirates NBD managed to achieve positive results across all its sub-indicators constituting First Bank composite growth index, led by its net profits, which saw the most significant growth at a rate of 200%, reaching EGP 2.55 bn during the first 9 months of 2023, compared to EGP 852.6 mn during the same period in 2022.

The bank's deposit size was the second contributor to this growth, increasing by 29.89% during the first 9M of the current year, reaching EGP 110.7 bn by the end of September 2023, compared to EGP 85.22 bn by the end of December 2022, an increase of EGP 25.48 bn.

Meanwhile, Asset portfolio was the third contributor to the growth of Emirates NBD Egypt, with a growth rate of 28.17% and an increase of approximately EGP 28.43 bn during the first 9M-2023, reaching EGP 129.4 bn by the end of September 2023, compared to EGP 100.9 bn by the end of December 2022.

In addition, Total customer loan portfolio of the Emirates NBD Egypt increased by 17.79% during the first 9M of the current year, reaching EGP 54.66bn by the end of September 2023, compared to EGP 46.4 bn by the end of December 2022, with an increase of EGP 8.26 bn.