Emirates NBD – Egypt announced on Tuesday that net profit jumped 200% in the first nine months of 2023 to 2.55 billion pounds, which it considered “the fastest quarterly growth in its net profit” since its entry into the Egyptian market in 2013.
The bank said in a statement that net income from the dividend increased to 5.1 billion pounds in the Nine Months Ended September 30 with a growth of 68%.
The bank, a unit of Emirates NBD, added that its pre-tax profit increased by 160% to reach 3.74 billion pounds during the first 9 months of 2023.
Net income from fees and commissions increased by about 132% to EGP 826 million during the same period compared to EGP 356 million during the same period in 2022.
The bank’s total assets increased by 28.17% to EGP 129.4 billion by the end of September 2023, compared to EGP 100.9 billion by the end of December 2022.
The bank said that it also recorded the fastest quarterly growth in its deposit portfolio, after the total deposit volume increased by 29.89% to reach EGP 110.7 billion by the end of September last compared to EGP 85.2 billion at the end of 2022.
The bank’s net loan portfolio increased by 18.47% to reach EGP 50.8 billion by the end of September 2023 compared to EGP 42.9 billion at the end of the previous year, an increase of EGP 7.9 billion, which is the highest quarterly increase in the bank’s loans since the start of its business in Egypt.
Emirates NBD entered the Egyptian market in June 2013 through the acquisition of BNP Paribas Egypt.
