Local currency accounts for 65.85% of NBK Egypt customer deposits by Sep- 2023end
First Bank
NBK-Egypt's customer deposit portfolio grew positively this year, rising 12% in the first 9M of 2023, reaching EGP 94.7 bn by the end of September, compared to EGP 84.5 bn by the end of 2022, with an increase of EGP 10.3 bn.
First Bank reports the growth achieved in the customer deposit portfolio in different currencies during the first 9M of this year.
The separate financial statements of National Bank of Kuwait- Egypt "NBK-Egypt" revealed a growth in local currency customer deposits, rising from EGP 60.8 bn by the end of 2022, to EGP 62.4 bn by the end of Q3- 2023, with a growth of 2.6% and an increase of EGP 1.6 bn.
Despite the limited growth recorded by the Bank's customer deposits in Egyptian pounds, it still accounts for the largest share of the total portfolio, with a share of 65.85% by the end of September 2023, compared to 71.97% by the end of 2022.
As for foreign currency deposits, they witnessed significant growth during the year, jumping to the equivalent of EGP 32.3 bn by Q3- 2023, compared to EGP 23.7 bn by the end of 2022, with an increase of EGP 8.7 bn.
The increase resulted in the relative weight of the Bank’s foreign currency customer deposits to 34.15% of total Bank customer deposits by Q3- 2023, compared to 28.03% by the end of 2022.
Turning to the details of the growth of each foreign currency deposits individually, the Bank's US dollar deposits were the largest among its foreign currency deposits, jumping to the equivalent of EGP 29.8 bn by the end of last September, compared with EGP 21.9 bn by the end of 2022, with an increase of EGP 7.9 bn.
The Bank's pound Sterling deposits were the fastest growing in the first 9M of this year, jumping to the equivalent of EGP 128.8 mn by Q3- 2023, compared to an equivalent of EGP 91 mn by the end of 2022, with a growth of 42%, and an increase of about EGP 37.8 mn.
NBK customer deposits in Euro rose by 32.55%, with an increase of EGP 505 mn during the first 9M of 2023, reaching the equivalent of EGP 2.1 bn by the end Q3 of this year, compared with EGP 1.6 bn by the end of 2022.
In other currencies, the Bank's customer deposits jumped by 142.51%, reaching the equivalent of EGP 328.5 mn by Q3- 2023, compared with EGP 135.5 mn by the end of 2022, with a corresponding increase of EGP 193.1 mn.
