NBE grows by 44.1% on First Bank composite growth index during 9M- 2023

The financial statements of the National Bank of Egypt, ending on September 30th 2023, revealed that the bank achieved a composite growth rate of 44.1% during the period from January to September 2023.

This rate was measured through a composite index developed by First Bank to measure the financial performance of banks comprehensively, including net profits, deposit portfolio, loan portfolio, and asset portfolio, all during 9 months of last year.

NBE managed to achieve positive results across all its sub-indicators constituting First Bank composite growth index, led by its net profits, which saw the most significant growth at a rate of 119.55%, with an increase of about EGP 27.2 bn, reaching about EGP 50 bn during H1-2023, compared to EGP 22.8 bn in the same period in 2022.

Furthermore, total loan portfolio and credit facilities at the bank were the second contributor to this growth, increasing by a growth rate of 30.93% with an increase of about EGP 534.9 bn, during the first 9M of last year, reaching EGP 2.26 tn by the end of September 2023, compared to EGP 1.73 tn at the end of December.

The size of Asset portfolio was the third contributor to the growth of NBE, with a growth rate of 14.67%, during 9M -2023, to record EGP 5. tn by the end of September 2023, compared to EGP 4.37 tn at the end of December 2022.

Total customer deposits portfolio at the bank increased by a growth rate of 11.22%, with an increase of EGP 3.6 bn during the first 9M of last year, reaching EGP 3.6 tn by the end of June 2023, compared to EGP 3.22 tn at the end of December 2022.