The National Bank of Egypt continued its geographical expansion, adding to its network 9 new branches in the f

Analysis

NBE accounts for 13.86% of the total number of branches in the banking sector

First Bank

12/7/2023 12:29:00 PM

NBE

The National Bank of Egypt continued its geographical expansion, adding to its network 9 new branches in the first 6M of this year, bringing its total number to 643 branches, including 17 independent electronic service branches and 20 traditional branches with an electronic corner by the end of June 2023, compared to 634 branches by the end of 2022.

In addition, the Bank accounted for 13.86% of the total number of bank branches in the banking sector by the end of June 2023, amounting to 4638 branches by the end of the same period.

This expansion comes within the framework of the Bank's vision of facilitating services for customers and reaching the largest customer base, especially in underbanked areas.

The Bank also worked to add about 142 new ATMs during the first 6M of this year, bringing the total number to 6.67 thousand machines by the end of June 2023, compared with 6.53 thousand machines by the end of 2022, achieving a growth rate of 2.17% on a semi-annual basis.

Meanwhile, NBE has made significant progress in its financial indicators since early this year, with the total loan portfolio rising by 14.4% during the first half of this year, reaching EGP 1.978 tn by the end of June 2023, compared to EGP 1.729 tn by the end of December 2022.

The Bank's total asset portfolio jumped to EGP 4.9 tn by the end of June 2023, compared to EGP 4.4 tn in 2022.

While Customer deposit portfolio rose by 6.3%, reaching EGP 3.4 tn by the end of June 2023, compared to 3.2 tn by the end of 2022.

In terms of its digital services, it has succeeded in attracting more customers to the banking field "Alahli Net" to bring the total number of customers subscribed to the service since its launch to 7 mn customers in 2022.

The number of subscribers to phone cash portfolio rose to about 1.6 mn by the end of June 2023, compared to 1.5 mn customers in 2022, with an increase of about 100 thousand new customers.

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