Emirates NBD Achieves Fastest Quarterly Growth in deposit portfolio in the last decade
Mai El-Kafoury
Emirates NBD managed record growth in its deposit portfolio over the past year, jumping by about 30%, registering EGP 110.7 bn by the end of September 2023, compared to EGP 85.2 bn by the end of 2022, with an increase of EGP 25.5 bn, recording the fastest quarterly growth in the last decade.
This performance pushed the Bank's share in the deposit market up to 1.13% of total banking sector deposits by Q3 of 2023, compared to 1% by the end of 2022, adding about 0.13% to its share in that market.
In terms of growth rates in the last decade, the Bank achieved growth of about 11.3% during the first 9M of 2014 in its customer deposits portfolio, while 24.3% and 15.5% during the same period in 2015 and 2016, respectively
As for growth rates in its deposit portfolio during the first 9M of 2017, it recorded growth of about 10.4%, while it achieved growth of 11.7%, 1.6% and 6.7% during the same period of 2018, 2019, 2020, respectively.
The Bank’s growth in its deposit portfolio was 26.9% during the first 9M of 2021, while achieving a growth of 13.3% during the same period in 2022.
Emirates NBD has been performing strongly since Amr El Shafei took over as CEO and Managing Director. The bank's net profits rose by 200%, reaching EGP 2.6 bn during the first 9M of 2023, compared to EGP 852.6 mn during the same period in 2022.
Net fees and commissions income rose by 132%, to EGP 826 mn during the first 9M of 2023, compared to EGP 356 mn during the same period in 2022.
Net interest income jumped to EGP 5.1 bn during the first 9M of 2023, compared to EGP 3.1 bn during the same period in 2022, with a growth of 68%, an increase of about EGP 2.1 bn.
The return on average assets (the banks’ efficiency in investing its assets) also rose from 0.97% during the first 9 months of 2022, to 2.21% during the same period from 2023.
The rate of return on average equity (the banks’ efficiency in investing equity) also jumped to 26.58% during the first 9 months of 2023, compared to 10.53% during the same period from 2022
In terms of growth of the bank's financial position, total assets jumped 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
The Bank's total customer loans rose to EGP 54.7 bn by Q3 of 2023, compared to EGP 46.4 bn by the end of 2022, with a growth rate of 17.8%, an increase of EGP 8.3 bn.
Emirates NBD's financial investments jumped by 32.72%, reaching EGP 37.42 bn by the end of September 2023, compared to EGP 28.2 bn by the end of 2022, with an increase of EGP 9.22 bn.
