Emirates NBD Tops the fastest growing Banks in Egypt At 9M- 2023

Emirates NBD has achieved a strong performance over the past year, pushing it to top the fastest growing banks on First Bank composite growth index in the first 9M of 2023, up from the ninth position on the same list, but from 2022.

This strong performance is driven by the significant growth achieved by the Bank in its net profits, which jumped by about 200%, to EGP 2.55 bn during the first 9M of 2023, compared to EGP 852.6 mn during the same period of 2022, recording the fastest quarterly growth in the last decade.

Customer deposits also played an important role in leading the bank the fastest growing listed banks on First Bank composite growth index during the first 9M of last year. It has risen by 29.89%, which is the highest quarterly growth rate since it began operating in Egypt, to register EGP 110.7 bn by the end of Q3 of 2023, compared to EGP 85.22 bn by the end of 2022, with an increase of EGP 25.48 bn.

Assets portfolio was the third contributor to this growth, with the portfolio size jumping by 28 .17%, to register EGP 129.4 bn by the end of September 2023, compared to EGP 10.9 bn by the end of December 2022, with an increase of EGP 28.43 bn, recording the fastest quarterly growth of the last decade.

The fourth and final contributor was the bank's total customer loans portfolio, jumping by 17.79%, to EGP 54.66 bn by the end of September 2023, compared to EGP 46.40 bn by the end of the previous year, with an increase of EGP 8.26 bn, recording the highest quarterly increase since entering the Egyptian market.

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