NBE’s net profits grow by 185.4%, recording EGP 70.63 bn during H1-2024
Mai El-Kafoury
The separate financial statements of the National Bank of Egypt for the financial period ended June 30, 2024, revealed that its net profit increased by 185.4%, registering EGP 70.630 bn during the first half of 2024, compared to EGP 24.744 bn during the same period from 2023, with an increase of EGP 45.886 bn.
Pre-taxes Profit jumped to EGP 112.5 bn in the first half of 2024, compared to EGP 46.34 bn in the same period from 2023, with a growth of 142.7% and an increase of EGP 66.149 bn.
Net interest income rose by about 60%, reaching EGP 125.3 bn during the first half of 2024, compared with EGP 78.36 bn during the same period of 2023, with an increase of EGP 46.947 bn.
Net fees and commissions income rose to EGP 11.26 bn in the first 6 months of 2024, compared to EGP 8.19 bn in the same period from 2023, with a growth of 37.6% and an increase of EGP 3.078 bn.
Regarding the Bank's financial position, the asset portfolio rose to EGP 6.821 trillion by the end of June 2024, compared to EGP 5.234 trillion by the end of 2023, with a growth of 30.3% and an increase of EGP 1.586 trillion.
Customer deposit portfolio rose by 15% in the first 6 months of this year, reaching EGP 4.295 trillion by the end of June 2024, compared with EGP 3.733 trillion by the end of 2023, with an increase of EGP 561.547 bn.
Total customer loans jumped 36% during the first half of 2024, reaching EGP 3.272 trillion by the end of June 2024, compared to EGP 2.406 trillion by the end of 2023, with an increase of EGP 865.118 bn.
