Significant growth in Emirates NBD’s net profits, achieving fastest annual growth since entering the market
Emirates NBD-Egypt managed to achieve strong net profits growth over the past year, jumping its net profits by 174%, registering EGP 3.24 bn in 2023, compared to EGP 1.2 bn in 2022, with an increase of EGP 2.1 bn.
The strong and exceptional performance of Emirates NBD prompted it to register the highest annual growth rate in its profits since entering the Egyptian banking market in 2013 through the acquisition of BNP Paribas Egypt.
In 2014, the Bank grew by 22.3% in net profits, while rising by 67.7% and 18% respectively in 2015 and 2016.
In terms of net profits growth rates during 2017, growth was about 27.4%, while growth was 8.8%, 38.9% during 2018 and 2019.
Emirates NBD was significantly impacted by the coronavirus pandemic, with net profits falling by 35.3% in 2020, while decreasing by 52.3% in 2021, but rising sharply in 2022, marking a rise of 116.8% in net profits.
Emirates NBD recorded exceptional performance over the past year, with net interest income rising by 69%, to EGP 7.3 bn in 2023, compared to EGP 4.3 bn in 2022, with an increase of EGP 3 bn.
Net fees and commissions income rose by 110% over the past year, reaching EGP 1.1 bn in 2023, compared to EGP 534.1 mn in 2022.
The main share in the Bank's profits in 2023 jumped to EGP 59.05 per share, compared to EGP 21.88 per share in 2022, with a growth of 169.9% and an increase of EGP 37.17 per share.
Regarding the bank's financial position, its assets portfolio rose by 27% over the past year, to EGP 128.1 bn by the end of December 2023, compared to EGP 100.9 bn by the end of December 2022, with an increase of EGP 27.2 bn.
Customer deposits portfolio rose by 20%, reaching EGP 102.7 bn by the end of December 2023, compared to EGP 85.2 bn by the end of December 2022, with an estimated increase of EGP 17.5 bn.
Its total customer loans jumped by EGP 13.7 bn, reaching EGP 60.1 bn by the end of 2023, compared to EGP 46.4 bn by the end of 2022.
