NBK Egypt’s corporate sector records medium growth during Q1-2024

The National Bank of Kuwait-Egypt’s corporate sector showed medium growth during Q1 of 2024, as reflected in the figures recorded by NBK Egypt during this period.

NBK Egypt loans Portfolio rises 14.77% in 3M

The Bank’s corporate loans "including microcredit for economic activities" rose by 14.77% in the first quarter of this year, reaching EGP 71.8 bn by the end of March 2024, compared to EGP 62.6 bn by the end of 2023, with an increase of EGP 9.2 bn.

This performance was driven mainly by a rise in the debit current accounts balance of corporates to EGP 7.5 bn by the end of the first quarter of this year, compared to EGP 5.1 bn by the end of 2023, with a growth of 46.7% and an increase of EGP 2.4 bn.

The direct loans portfolio also rose from EGP 57.5 bn by the end of 2023, to EGP 64.4 bn by the end of March 2024, with a growth of 11.93%, and an increase of EGP 6.9 bn.

NBK Egypt corporate sector contributed about 83.41% to the bank's total loans portfolio, which jumped to EGP 86.1 bn by the end of March 2024, compared to EGP 76.1 bn by the end of 2023, with a growth of 13.25% and an increase of over EGP 10 bn.

Corporate sector accounts for 57.08% of NBK's total deposit portfolio

NBK's corporate deposit portfolio rose significantly during the first 3M of this year, rising by 22.41%, to EGP 72.3 bn by the end of March 2024, up from EGP 59.1 bn by the end of 2023, with an increase of EGP 13.2 bn.

The corporate sector accounted for about 57.08% of the Bank's total deposit portfolio, which jumped to EGP 126.7 bn by the end of March 2024, compared to EGP 105.9 bn by the end of 2023, with a growth of 19.63% and an increase of EGP 20.8 bn.