Emirates NBD achieves significant growth in the corporate sector during 2023
First Bank
Emirates NBD Egypt has witnessed remarkable development and growth in 2023, reflected in the bank's figures, supported by the efforts of Amr ElShafei, CEO and Managing Director of the Bank.
Emirates NBD boosted its corporate loans in 2023, pushing corporate loans portfolio to grow by 36% over the past year, reaching EGP 46 bn by the end of 2023, compared to EGP 33.9 bn by the end of 2022, placing fourth on First Bank's list of fastest-growing banks in corporate loans over the past year.
This strong performance was driven mainly by the growth of debit current account balances of corporates, rising by about 56.48% in 2023, reaching EGP 27.9 bn by the end of last year, compared to EGP 17.8 bn by the end of 2022, with an increase of EGP 10.1 bn.
The direct loans portfolio also rose by 15.1% over the past year, reaching EGP 13.3 bn by the end of 2023, compared to EGP 11.6 bn by the end of 2022, with an increase of EGP 1.7 bn, while the bank's syndicated loans jumped to EGP 4.7 bn by the end of the same period.
Emirates NBD's corporate sector contributed 76.55% to the bank's total loans portfolio which has jumped by EGP 13.7 bn, which is the highest annual increase since entering the Egyptian market. The portfolio reached EGP 60.1 bn by the end of 2023, compared to EGP 46.4 bn by the end of 2022, placing sixth on the First Bank list of the fastest growing banks in corporate loans over the past year.
Emirates NBD's corporate deposits portfolio rose by 24.10% over the past year, registering EGP 72.32 bn by the end of December 2023, compared to 58.27 bn by the end of December 2022, with an increase of EGP 14.04 bn.
The corporate sector accounted for 70.45% of the Bank's total deposits portfolio, which jumped 20% over the past year, to 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.
