NBK Egypt grows by 52.1% on FirstBank composite growth index during 2023

The financial statements of National Bank of Kuwait-Egypt "NBK-Egypt", which ended on December 31st of last year, revealed that the bank achieved a composite growth rate of 52.1% during 2023.

This growth rate was measured using a composite index developed by First Bank to assess the financial performance of banks comprehensively, including net profits, deposit portfolio, loan portfolio, and asset portfolio, during 2023.

NBK Egypt 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 120.21%, an increase of EGP 2.2bn, reaching EGP 4.021 bn during 2023, compared to EGP1.826 bn during 2022.

Total loan portfolio and credit facilities at the bank were the second contributor to this growth, increasing by a growth rate of 38.41% during the last year, reaching EGP 76.1 bn by the end of December 2023, compared to EGP 55 bn by the end of December 2022, an increase of EGP 21.1 bn.

The size of the customer deposit portfolio was the third contributor to the growth of NBK- Egypt, with a growth rate of 25.42%, an increase of approximately EGP 21.5 bn during the last year, reaching EGP 105.9 bn by the end of December 2023, compared to EGP 84.5 bn by the end of December 2022.

In addition, the Bank's asset portfolio surged by 24.23% and an increase of approximately EGP 25.5 bn during 2023, reaching EGP 130.6 bn by the end of December 2023, compared to EGP 105.1 bn by the end of December 2022.