Emirates NBD grows by 18% on First Bank composite growth index during H1-2024

The financial statements of Emirates NBD Egypt, which ended on June 30 of the current year, revealed that the bank achieved a composite growth rate of 17.90% during H1- 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 June 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 32.92%, recording EGP 2.581bn during the first half of 2024, compared to EGP 1.942 bn 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 18.96% during H1-2024, reaching EGP 71.46 bn by the end of June 2024, compared to EGP 60.07 bn at the end of December 2023, an increase of EGP 11.39bn.

The bank's asset portfolio was the Third contributor to the growth, rising by 11.82% and an increase of approximately EGP 15.14bn during H1-2024, reaching EGP 143.26bn by the end of June 2024, compared to EGP 128.1 bn by the end of December 2023.

In addition, Total customer deposits surged by 7.88% during the first 6 months of the current year, to record EGP 110.75 bn by the end of June 2024, compared to EGP 102.66 bn by the end of December 2023, with an increase of EGP 8.09 bn.