Cairo – Mubasher: Emirates NBD-Egypt, a subsidiary of UAE-based Emirates NBD, generated EGP 1.10 billion in net profit during the first quarter (Q1) of 2024.
The registered net profits were higher by EGP 128.70 million (13.30%) than EGP 964.70 million in Q1-23, according to the income statements.
Net profits before income tax increased to EGP 1.70 billion in Q1-24 from EGP 1.40 billion during the same period in 2023.
Emirates NBD-Egypt posted 80.70% year-on-year (YoY) higher net interest income at EGP 2.60 billion during the first three months (3M) of 2024, compared to EGP 1.40 billion.
The net fees and commissions income hiked by 47.10% to EGP 387 million in Q1-24 from EGP 263 million a year earlier.
Assets climbed by 7.21% to EGP 137.30 billion at the end of March 2024 from EGP 128.10 billion as of 31 December 2023, while the customer deposits portfolio rose by 4% to EGP 106.70 billion from EGP 102.70 billion.
Emirates NBD – Egypt registered retail loans valued at EGP 15.30 billion in Q1-24, up YoY from EGP 14.10 billion.
Amr El-Shafei, CEO and Managing Director of Emirates NBD-Egypt, highlighted that the bank would further grow in 2024, expecting that the Egyptian market will witness more profitable opportunities in line with the efforts exerted by the government to enhance confidence in the Arab Republic's economy.
El-Shafei added that the lender continues to implement its growth strategy, including geographical expansion inside and outside Greater Cairo and Alexandria. This aims to serve areas witnessing rising economic growth, as well as targeting key sectors, whether at the level of individuals or large companies, as well as medium and small enterprises.
In 2023, Emirates NBD-Egypt recorded a 174% surge in net profit to EGP 3.24 billion, compared to EGP 1.20 billion.
