Emirates NBD-Egypt 2023 net profits jump 174%

Emirates NBD-Egypt reported on Thursday a 174 per cent growth in its net profits for 2023, marking the highest annual growth rate in the bank’s profits since the start of its business in the North African country.

According to its statement, the bank’s net profits surged to 3.24 billion Egyptian pounds ($65.6 million) in 2023, compared to 1.2 billion pounds in 2022.

Pre-tax profits recorded 4.9 billion pounds in 2023, compared to 2 billion pounds in 2022, with a growth rate of 141 per cent.

Net interest income rose by 69 per cent to 7.3 billion pounds in 2023, compared to 4.3 billion pounds in 2022.

Net fees and commissions income also surged by 110 per cent to 1.1 billion in 2023, compared to 534.1 million pounds in 2022.

The size of the bank’s assets increased by 27 per cent to 128.1 billion pounds by the end of December 2023, compared to 100.9 billion pounds by the end of December 2022.

Customers’ deposits went up by 20 per cent to 102.7 billion pounds by the end of December 2023, compared to 85.2 billion pounds by the end of December 2022.