NBE Top Banks on First Bank Index for depositor confidence

NBE continued to attract huge segments of depositors to it as evidenced by the rise in the size of its customer deposits portfolio by EGP 361.6 bn during the first 9M of last year. It reached EGP 3.6 tn by the end of September 2023, compared to EGP 3.2 tn by the end of 2022, which prompted it to top First Bank Index for depositor confidence during that period thanks to its exceptional and unique performance.

The huge increases achieved in the size of the Bank’s customer deposits are due to many reasons, most notably the issuance of numerous certificates and saving deposits with record returns that often exceed most of the revenues of competing products.

During the past year, the Bank has launched several certificates. At the beginning of the 2023, the Bank issued a one-year saving certificate with a record return that reached 25% disbursed at the end of the certificate period, or with a return of 22.5% disbursed monthly, which was discontinued by the end of its issuance month, after raising a value of EGP 315 bn, according to previous statements by Yehia Abou ElFotouh, Vice chairman of the Bank.

In April, it issued two saving certificates with a fixed return of 19% for 3 years, and a decreasing return of 22%. The first certificate was issued with a fixed return for 3 years and the annual return of the certificate was 19% and disbursed monthly, while the second certificate issued with a decreasing return of 3 years, The annual return rate for the first year was 22%, the second year was 18%, and 16% for the third year, with the return to be disbursed monthly.

The Bank also launched two saving certificates in dollar with interest of 7% and 9% for 3 years in late June. It also launched several other premium-return products during that period.

The huge geographical expansion of NBE also plays a role in the growing size of its deposits as its branches were extended to approximately 654 branches and banking units by the end of November 2023, including 38 solar-powered branches and 60 branches for disabled. and 6733 ATMs, including 1228 machines equipped to serve customers with visual disabilities and 34 machines to serve customers with motor disabilities, this establishes the principle of sustainability by providing banking services to all segments of society, which is carried out according to the study of customer needs.

The Bank also has an effective external geographical presence through its presence in most continents of the world through the National Bank of Egypt in the UK, (NBE-Khartoum), Sudan (NBE-Juba) South Sudan (besides branches in New York, United States of America, Shanghai in China, and representation offices in Johannesburg in South Africa, Dubai in UAE and Addis Ababa in Ethiopia, as well as a huge network of reporters around the world) Europe - United States - Australia - Canada - Far East - Africa - Persian Gulf).

Overall, the National Bank of Egypt (NBE) has achieved a strong performance over the past year, jumping its net profit by 119.55%, reaching EGP 50 bn during the first 9M of 2023, compared to EGP 22.8 bn in the same period of 2022, with an increase of EGP 27.2 bn.

The Bank’s net interest income increased by 82.2% and an increase of EGP 56.9 bn, registering EGP 126 bn in the first 9M of 2023, compared to EGP 69.2 bn in the same period in 2022.

Net fees and commissions income jumped at a growth rate of 50.3% and an increase of EGP 4.33 bn, reaching EGP 12.9 bn during the first 9M of 2023, compared to EGP 8.6 bn during the same period in 2022.

In terms of financial position, the asset portfolio rose by 14.76%, registering EGP 5 tn by the end of September 2023, compared to EGP 4.4 tn by the end of December 2022.

The Bank's net customer loans rose from EGP 1.7 tn by the end of 2022, to EGP 2.2 tn by the end of September 2023, with a growth of 31.1% and an increase of EGP 517.9 bn.

The bank's total financial investment rose by 8.29% during the first 9M of last year, to register EGP 2 tn by the end of September 2023, compared to EGP 1.9 tn by the end of December 2022.

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