NBE Tops banks on First Bank credit competitiveness index
Mai El-Kafoury
The National Bank of Egypt topped First Bank index of credit competitiveness in the first 9M of 2023, after total customer loans rose by EGP 534.9 bn, recording EGP 2.3 tn by the end of September, compared to EGP 1.7 bn by the end of 2022.
Increases in NBE's customer loans portfolio contributed to a record growth in market share, jumping to 45.11% of total banking sector loans by the end of Q3 of 2023, compared to 43.10% by the end of 2022.
The significant increase in the Bank’s total customer loans is the result of a rise in its corporate loans portfolio, which jumped by 32.3% during the first 9M of last year, to register EGP 2 tn by the end of Q3 of 2023, compared to EGP 1.5 tn by the end of 2022, with an increase of EGP 485.3 bn.
Its portfolio of retail banking loans also jumped by 21.9%, reaching EGP 276.7 bn by the end of September 2023, compared to EGP 227.1 bn by the end of 2022, with an increase of EGP 49.6 bn.
Overall, the National Bank of Egypt has achieved a strong performance during the past year, jumping its net profits 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 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 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.
Its customer deposits portfolio jumped by EGP 361.6 bn during the first 9M of last year, reaching EGP 3.6 tn by the end of September 2023, compared to EGP 3.2 tn by the end of 2022.
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