Bank NXT's Liquidity ratio jumps to 28.57% by the end of September 2024

12/26/2024 5:33:08 PM

The separate financial statements of Bank NXT for the financial period ended September 30, 2024, revealed that its liquidity ratio rose to 28.57% by the end of September, compared to 25.66% by the end of 2023

The liquidity ratio in banks is defined as a certain ratio that reflects the bank's ability to meet its short-term liabilities without the need to liquidate long-term assets or borrow, and the ratio is calculated as follows (cash and balances with the central bank + balances with banks )/( total assets)

The Bank's balances saw a marked rise, rising to Pound19.139 billion by the end of September 2024, compared to Pound11.526 billion by the end of 2023, a growth of 66.05% and an increase of Pound7.613 billion

Bank NXT's balances is distributed at the end of September as follows: 14.427 billion pounds as Central Bank of Egypt balances, 3.697 billion pounds as domestic banks and 1.018 billion pounds for foreign banks

Its asset portfolio rose by 28% in the first 9 months of this year, registering 78.9 billion pounds by the end of September 2023, compared to 61.4 billion pounds by the end of December 2023

Although the Bank's liquidity ratio rose, it achieved strong net profit growth, jumping 66%, registering 1.3 billion pounds in the first 9 months of 2024, compared to 801.3 million pounds in the same period from 2023.

Bank NXT has achieved remarkable growth in its overall indicators since early this year, with its portfolio of customer deposits rising by about 31% during the first 9 months of this year, reaching 66.5 billion pounds by the end of September 2024, compared to 50.9 billion pounds by the end of December 2023.

The bank's total customer loans jumped by EGP 3.941 billion in the first 9 months of this year, registering EGP 26.738 billion by the end of September 2024, compared with EGP 2.796 billion by the end of 2023, a growth of% 17.29

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

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