The National Bank of Egypt (NBE) reported a significant increase in profits before tax, reaching EGP 43.550bn in the first quarter (Q1) of 2024, compared to EGP 17.531bn in the same period of 2023.
The bank’s financial statements revealed net profits of EGP 25.833bn, up from EGP 6.587bn. Net income from returns also increased, rising to EGP 47.851bn, compared to EGP 34.262bn. Additionally, net income from fees and commissions grew to EGP 5.458bn, up from EGP 4.057bn.
As of March 2024, the bank’s total assets reached EGP 6.444trn, compared to EGP 5.233trn in December 2023. Customer deposits rose to EGP 4.151trn, up from EGP 3.733trn, while net customer loans and facilities increased to EGP 2.935trn, compared to EGP 2.315trn.
The bank’s total equity amounted to EGP 435.761bn by the end of March 2024, up from EGP 297.206bn in December 2023. Its retail banking portfolio grew to EGP 304.050bn in March 2024, compared to EGP 291.708bn in December 2023. Credit card balances rose to EGP 19.027bn, up from EGP 17.343bn, while personal loan balances increased to EGP 253.528bn, compared to EGP 240.455bn. Car loan balances amounted to EGP 3.602bn, down slightly from EGP 3.740bn, and the mortgage financing portfolio reached EGP 20.875bn, up from EGP 20.257bn.
