Bank NXT’s Net profits grow by 66% during 9M-2024, recording EGP 1.3 bn

Bank NXT reported its most outstanding business results by the end of September, revealing a 66% net profit growth of EGP 1.3 mn in the first 9 months of 2024, compared to 801.3 mn during the same period in 2023.

Net interest income rose by 60%, registering EGP 2.9 bn in the first 9 months of 2024, compared to EGP 1.8 bn during the same period of 2023, as well as the bank's net operating revenue growing by 47% to record EGP 3.7 bn in the first 9 months of 2024.

The Bank's total customer loans and facilities portfolio increased by 17% during the first 9 months of this year, registering EGP 26.7 bn by the end of September 2024, compared to 22.8 bn by the end of December 2023.

The bank's total corporate loans portfolio rose by 14% during the first 9 months of this year, registering EGP 17.4 bn by the end of September 2024, compared to 15.3 bn by the end of December 2023.

The total retail loans portfolio jumped by 25% during the first 9 months of this year, registering EGP 9.3 bn by the end of September 2024, compared to 7.5 bn by the end of December 2023.

The Bank revealed that its total deposit portfolio increased by 31% during the first 9 months of this year, reaching EGP 66.5 bn by the end of September 2024, compared to 50.9 bn by the end of December 2023.

The Bank's total assets rose by 28% during the first 9 months of this year, registering EGP 78.9 bn by the end of September 2023, compared to 61.4 bn by the end of December 2023.

The bank's total equity also increased at a 21% growth rate in the first 9 months of this year, registering EGP 7.8 bn by the end of September 2024, compared with 6.5 bn by the end of December 2023, while the capital adequacy ratio 19.28% by the end of last September.

With regard to the geographical distribution of Bank NXT, the number of ATMs has increased by about 103, as well as 34 branches of the Bank in the governorates of Egypt.