NBK – Egypt grows by 43.6% on the First Bank composite growth Index during H1-2024

National Bank of Kuwait (NBK) - Egypt's periodic financial statements from the financial period ended June 30 revealed that the Bank was able to achieve a combined growth rate of 43.63% during the first half of this year.

This rate was measured by a composite index developed by First Bank to measure banks' financial performance by one digit, across all branches of activity that include net profits, deposit portfolio, loan portfolio, and asset portfolio, from January to June 2024.

The Bank was able to achieve positive results in its four sub-indicators consisting of the "First Bank" index, primarily the Bank's net profit, which accounted for the largest proportion of growth in the Bank's activity at a growth rate of 102.20% and an increase of about EGP 1.60 bn, to EGP 3.17 bn in the first half of 2024, compared to 1.57 bn during the same period of 2023.

The bank's total customer loans and facilities portfolio represented the second contributor to this growth, having risen by 25.44% and an increase of EGP 19.35 bn during the first half of this year, to record EGP 95.40 bn by the end of June 2024, compared to 76.06 bn by the end of December 2023.

The size of the Bank's asset portfolio contributed to this growth, taking third place at a growth rate of 24.96% and an increase of EGP 32.60 bn during the first half of this year, registering EGP 163.21 bn by the end of June 2024, compared to EGP 1 30.61 bn by the end of December 2023.

The Bank's total deposit portfolio increased by 21.91% and an increase of EGP 23.21 bn during the first half of this year, registering EGP 129.14 bn by the end of June 2024, compared to 105.93 bn by the end of December 2023.