Emirates NBD tops fastest growing Banks in direct loans during Q1-2024

Emirates NBD-Egypt tops First Bank's list of fastest growing banks in direct loans during the first quarter of this year, up from14th place on the same list of the year 2023.

Emirates NBD’s direct loans rose by 34.79% in the first quarter of this year, until it gets close to EGP 18 bn by the end of March 2024, compared to EGP 13.3 bn by the end of 2023, with an increase of EGP 4.6 bn.

This contributed to the rise of the Bank's total corporate loans to EGP 49.8 bn by the end of March 2024, compared to EGP 46 bn by the end of 2023, with an increase of EGP 3.8 bn.

Overall, Emirates NBD achieved a strong performance early this year, rising its net profit to EGP 1.1 bn in the first quarter of 2024, compared to EGP 964.7 mn in the same period of 2023, with a growth of 13.3% and an increase of EGP 128.7 mn.

Net interest income rose by 80.7%, to EGP 2.6 bn in the first quarter of 2024, compared to EGP 1.4 bn in the same period from 2023.

Net fees and commissions income increased by 47.1%, to EGP 387 mn during the first 3M of this year, compared to EGP 263 mn during the same period from 2023.

Total customer loans rose by EGP 5 bn, bringing the total portfolio to EGP 65.1 bn by the end of the first quarter of this year, compared to EGP 60.1 bn by the end of 2023.

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