NBE’s growth accelerates to 100% during Q2-2023

National Bank of Egypt achieved an acceleration in growth during the second quarter of 2023 compared to the First quarter of the same year, recording a composite growth rate of 100% during Q2- 2023, compared to a 6.3% decline At Q1-2023.

This came according to the composite growth index that First Bank developed to measure the financial performance of banks with one number, which shows the compound growth of the bank in 4 indicators, namely net profit, assets, total customer loans, and deposits.

The bank managed to achieve positive results in all sub-indicators comprising the composite First Bank index during the second quarter of the last year, especially in net profits, registering a growth rate of 642% in its net profits during the period from April to June 2023.

Total loans and facilities to customers portfolio contributed to this growth, with a growth rate of 13.3% during the Second quarter of the last year, while the total assets and deposits portfolios increased by growth rates of 3.08% and 1.92% respectively during the the same period.

As for the Q1 -2023, The bank managed to achieve positive results in all sub-indicators comprising the composite First Bank index customer loans most impactful factor in the growth of the composite First Bank index, as the bank achieved a growth rate of 7.29% in Total customer loans during the period from January to March 2023.

the bank's Assets and deposits portfolios increased by growth rates of 6.20%, 4.90% respectively during the First quarter of 2023, while Bank's net profits Fell by 43.5% during the same period.

It is worth noting that all values used in calculating the growth rates mentioned in the analysis are based on the financial statements announced at the end of the periods, available on the bank's official website.