Emirates NBD grows by 8.2% on First Bank composite growth index during Q1-2024

The financial statements of Emirates NBD, which ended on March 31 of the current year, revealed that the bank achieved a composite growth rate of 8.2% during Q1- 2024.

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 the period from January to March 2024.

Emirates NBD 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 13.34%, recording EGP 1.093bn during the first quarter of 2024, compared to EGP 964.7 mn during the same period of 2023.

Total customer loans at the bank were the second contributor to this growth, it grew with a growth rate of 8.35% during Q1-2024, reaching EGP 65.1 bn by the end of March 2024, compared to EGP 60.1 bn at the end of December 2023, an increase of EGP 5.01bn.

The bank's asset portfolio was the Third contributor to the growth, rising by 7.20% and an increase of approximately EGP 9.2bn during Q1-2024, reaching EGP 137.3bn by the end of March 2024, compared to EGP 128.1 bn by the end of December 2023.

In addition, Total customer deposits surged by 4% during the first 3 months of the current year, to record EGP 106.7 bn by the end of March 2024, compared to EGP 102.7 bn by the end of December 2023, with an increase of EGP 4.1 bn.