Cairo – Mubasher: Emirates NBD-Egypt, a subsidiary of DFM-listed Emirates NBD, achieved net profits valued at EGP 3.24 billion in 2023, an annual leap of 174% from EGP 1.20 billion.
The registered profits marked the highest annual growth rate in the bank's profits since the start of its business in Egypt, according to a press release.
The bank's pre-taxes profits hit EGP 4.90 billion as of 31 December 2023, higher by 141% year-on-year (YoY) than EGP 2 billion.
Net interest income hiked by 69% to EGP 7.30 billion last year from EGP 4.30 billion in 2022, while the net fees and commissions income jumped by 110% to EGP 1.10 billion from EGP 534.10 million.
At the level of the main portfolios of Emirates NBD-Egypt, the assets increased by 27% to EGP 128.10 billion in the January-December 2023 period from EGP 100.90 billion in 2022.
Furthermore, the customer deposits portfolio rose by 20% YoY to EGP 102.70 billion by the end of December 2023 from EGP 85.20 billion, reflecting customers’ confidence in the products and services offered by the bank that meet depositors' aspirations.
The bank's corporate loans widened by 36% during the past year, reaching EGP 46 billion when compared to EGP 33.90 billion by the end of 2022.
Emirates NBD-Egypt's retail loans climbed by 12.80% in 2023 to EGP 14.10 billion in 2023 from EGP 12.50 billion a year earlier.
Amr El-Shafei, the CEO and Managing Director of Emirates NBD-Egypt, underlined that the positive figures came in the light of a clear strategy that is pursued by the bank's management aimed at enhancing and doubling its business in the Egyptian market.
Earlier this month, Emirates NBD-Egypt opened a new branch in Zagazig city in line with its plans to expand its banking services.
