Continuing its significant performance in the Egyptian banking market, Emirates NBD – Egypt announced achieving net profits of EGP 1.1 bn during Q1 of 2024, compared to EGP 964.7 mn during the same period of 2023, with a growth of 13.3% and an increase of EGP 128.7 mn.
The bank’s profits before income tax recorded EGP 1.7 bn during Q1 of the current year, compared to EGP 1.4 bn during the same period of 2023, with an increase of EGP 348.7 mn.
Net interest income rose by 80.7%, registering EGP 2.6 bn during Q1 of 2024, compared to EGP 1.4 bn during the same period in 2023.
Net fees and commissions income increased by 47.1%, to record EGP 387 mn during the first 3M of this year, compared to EGP 263 mn during the same period of 2023.
At the level of the main portfolios of Emirates NBD – Egypt, the bank’s assets increased by 7.21% during Q1 of 2024, reaching EGP 137.3 bn by the end of March, compared to EGP 128.1 bn by the end of 2023, with an increase of EGP 9.2 bn.
The customer deposits portfolio rose by 4%, registering EGP 106.7 bn by the end of March 2024, compared to EGP 102.7 bn by the end of 2023, with an increase of EGP 4 bn, reflecting customers’ confidence in the products and services offered by the bank that meet depositors’ aspirations.
The bank expanded its loan granting during the past year, resulting in a total increase in customer loans of EGP 5 bn, bringing the total portfolio to EGP 65.1 bn by the end of Q1 of this year, compared to EGP 60.1 bn by the end of 2023, because of loans growth of corporate and retail banking sectors.
The bank’s corporate loans (including Corporate and Business Banking) jumped by 8.4% during Q1 of this year, registering EGP 49.8 bn by the end of March 2024, compared to EGP 46 bn by the end of 2023.
Emirates NBD – Egypt’s retail loans increased by EGP 1.2 bn, reaching EGP 15.3 bn by the end of March 2024, compared to EGP 14.1 bn by the end of 2023.
Commenting on these record results, Amr Elshafei CEO and Managing Director of Emirates NBD Egypt said: The positive developments and results that the Bank was able to achieve during the first quarter of this year reflect an unprecedented growth in net profit compared to the same period in 2023.
Amr Elshafei added that the bank will continue growing in 2024, expecting that the Egyptian market will witness more profitable opportunities in line with the efforts exerted by the Egyptian government to enhance confidence in the Egyptian economy and the stability of its financial system, especially in light of global challenges.
He added that the bank continues to implement its growth strategy including geographical expansion inside and outside Greater Cairo and Alexandria to serve areas witnessing rising economic growth, as well as targeting promising sectors, whether at the level of individuals or large companies, as well as medium and small enterprises.
