NBK Egypt grows by 37% on FirstBank composite growth index during Q1-2024

The financial statements of National Bank of Kuwait-Egypt "NBK-Egypt", which ended on March 31 2024, revealed that the bank achieved a composite growth rate of 37.04% during the first quarter of the current year.

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 Q1- 2024.

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 96.2%, an increase of EGP 627.5mn reaching EGP 1.28bn during the first quarter of 2024, compared to EGP 652.5mn during the same period of 2023.

Total customer deposits was the second contributor to this growth, increasing by 19.6% during Q1-2024 to record EGP 126.7bn by the end of March 2024, compared to EGP 105.9 bn by the end of December 2023, an increase of EGP 20.8bn.

The size of total Assets was the third contributor to the growth of NBK- Egypt, with a growth rate of 19.1%, an increase of approximately EGP 25 bn during first 3 months of 2024, reaching EGP 155.6 bn by the end of March 2024, compared to EGP 130.6 bn by the end of December 2023.

In addition, Total customer loans surged by 13.3% during the first 3 months of the current year, reaching EGP 86.1bn by the end of March 2024, compared to EGP 76.1 bn by the end of December 2023, with an increase of EGP 10.1bn.