Bank NXT tops Fastest Growing Banks in Credit Cards during H1-2024

Bank NXT's credit card portfolio saw record growth during the year, jumping by 109.59%, reaching EGP 168.83 mn by the end of June 2024, compared to EGP 80.55 mn by the end of 2023, with an increase of EGP 88.3 mn.

Thanks to this strong growth, Bank NXT leads the list of the fastest growing banks in credit card during the first half of 2024, up from fourth place on the same list from 2023.

It should be noted that the Arab Investment Bank revealed last September that its name and trademark had been changed to Bank NXT, announcing the launch of a new phase of achievements, as part of the Bank's ongoing efforts to consolidate its position in the Egyptian banking sector.

This comes in light of the Bank's aspiration to shine a new chapter of achievements through its commitment to provide an integrated package of accessible financial solutions and banking services

The Bank has been performing strongly since the Financial Group Alliance Hermes Holding and the Egypt Sovereign Fund acquired 76% of the Bank's capital, one of the successful deals concluded in recent years.

The bank's total assets rose to EGP 73.9 bn by the end of June 2024, compared to EGP 45.5 bn at the end of 2021, marking growth of 62.4% and an increase of EGP 28.4 bn

The portfolio of customer loans also grew by 133.6%, rising from EGP 11.3 bn by the end of 2021 to EGP 26.4 bn in June 2024, with an increase of EGP 15 bn

In terms of customer deposits, the Bank recorded a growth of 65.9%, with deposits increasing from EGP 38.7 bn by the end of 2021 to EGP 64.2 bn by the end of June 2024, reflecting an increase of EGP 25.5 bn

In terms of profitability, the Bank was able to shift from a net loss of EGP 871 mn in 2021 to a net profit of EGP 1.2 bn in 2023.

For the first half of 2024, net profits rose to EGP 902 mn, compared to EGP 450.2 mn during the same period in 2023, with growth of 100.4% and an increase of EGP 452 mn