NBE grows by 28.3% on First Bank composite growth index during H1- 2023

The financial statements of the National Bank of Egypt, ending on June 30th 2023, revealed that the bank achieved a composite growth rate of 28.3% during the period from January to June 2023.

This rate was measured through a composite index developed by First Bank to measure the financial performance of banks comprehensively, including net profits, deposit portfolio, loan portfolio, and asset portfolio, all during H1 of last year.

NBE 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 75.5%, with an increase of about EGP 10.64 bn, reaching about EGP 24.74 bn during H1-2023, compared to EGP 14.10 bn in the same period in 2022.

Furthermore, total loan portfolio and credit facilities at the bank were the second contributor to this growth, increasing by a growth rate of 21.5% with an increase of about EGP 372.5 bn, during the first 6M of last year, reaching EGP 2.10 tn by the end of June 2023, compared to EGP 1.73 tn at the end of December.

The size of Asset portfolio was the third contributor to the growth of NBE, with a growth rate of 9.5%, with an increase of EGP 413.7 bn during H1 of last year, to record EGP 4.78 tn by the end of June 2023, compared to EGP 4.37 tn at the end of December 2022.

Total customer deposits portfolio at the bank increased by a growth rate of 7%, with an increase of EGP 222.8 bn during the first 6M of last year, reaching EGP 3.44 tn by the end of June 2023, compared to EGP 3.22 tn at the end of December 2022.