National Bank of Egypt’s Profits Reach 71 Billion Pounds, Digital Banking Services See Significant Growth

National Bank of Egypt Reveals Strong Financial Performance

Profits and Financial Position

The results of the National Bank of Egypt’s business revealed that profits before taxes amounted to about 71 billion pounds during the past year. While it achieved a profit of 35 billion pounds, after paying about 36 billion pounds in taxes to the state treasury.

The total financial position of the bank amounted to about 4.4 trillion pounds in December 2022 compared to about 3.2 trillion pounds in December 2021, reaching about 4.9 trillion pounds by the end of June 2023. Property rights also increased in December 2022 by about 41 billion pounds compared to December 2021, to record 223 billion pounds.

Digital Banking Services

In the framework of spreading financial inclusion and enhancing digital banking services, about 0.8 million new customers were attracted in the field of inte banking through the “Al Ahly Net” service, bringing the total number of customers subscribing to the service since its launch to 7 million customers in December 2022, compared to 6.2 million customers in December 2021.

The number of subscribers to the Fone Cash wallet also increased, reaching 1.5 million customers in December 2022, with an increase of about 293 thousand new customers who activated the service during the year, to continue growing to reach about 1.6 million wallets by the end of June 2023, benefiting from the digital banking services that the bank provides to its customers, which are witnessing development and modernization. Continuously with growing investments.

Expanded Infrastructure

The number of automated teller machines increased to about 6,532 in December 2022, an increase of 1,185 machines from December 2021, reaching 6,674 in June 2023, and the number of POS machines increased in December 2022 to about 403 thousand machines, compared to about 335 thousand machines in December 2021, to reach in June. 2023 to more than 469 thousand machines.

The bank opened 46 new branches, bringing the total branchwork in December 2022 to 634 branches, offices, and banking units spread throughout the Republic to be close to the various segments of the bank’s customers.

Loan Portfolio and SME Financing

The total loan portfolio of the bank grew by about 47% from December 2021, as it recorded EGP 1,729 billion at the end of December 2022, compared to about EGP 1,175 billion in December 2021, to continue growing to reach about EGP 1.978 trillion by the end of June 2023.

With regard to small and medium enterprises, the bank was able to provide financing worth EGP 143bn in December 2022, which was increased to EGP 159bn by the end of June 2023, compared to EGP 110bn in December 2021.

Customer Deposits and Retail Banking

Total customer deposits amounted to 3.2 trillion pounds in December 2022, an increase of 836 billion pounds from December 2021, and reached about 3.4 trillion pounds in June 2023.

In the field of retail banking, the loan portfolio increased to reach 227 billion pounds in December 2022, an increase of 68 billion pounds, with a growth rate of 42% over December 2021, achieving about 256 billion pounds by the end of June 2023.

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National Bank of Egypt Reveals Strong Financial Performance

The National Bank of Egypt recently announced its financial results, showcasing an impressive performance for the past year. The bank reported profits before taxes amounting to approximately 71 billion pounds. After paying about 36 billion pounds in taxes to the state treasury, the bank achieved a profit of 35 billion pounds. This signifies a remarkable achievement in terms of financial growth and stability.

The total financial position of the National Bank of Egypt witnessed significant growth as well. It reached about 4.4 trillion pounds in December 2022, compared to about 3.2 trillion pounds in December 2021. This continuous upward trend in financial position is projected to reach about 4.9 trillion pounds by the end of June 2023. Furthermore, property rights displayed a considerable increase, recording 223 billion pounds in December 2022, a growth of about 41 billion pounds compared to December 2021.

The National Bank of Egypt has been committed to spreading financial inclusion and providing cutting-edge digital banking services. Through its “Al Ahly Net” service, the bank attracted around 0.8 million new customers in the field of inte banking. Consequently, the total number of customers subscribing to the service reached an impressive 7 million in December 2022, compared to 6.2 million customers in December 2021. Additionally, the number of subscribers to the Fone Cash wallet, aimed at enhancing digital banking services, reached 1.5 million customers in December 2022. This represents an increase of approximately 293 thousand new customers who activated the service during the year. The number of wallets is expected to continue growing, reaching about 1.6 million by the end of June 2023. These digital initiatives align with the bank’s dedication to development and modernization, riding the wave of growing investments.

Infrastructure expansion has been a key focus for the National Bank of Egypt. The number of automated teller machines (ATMs) increased to about 6,532 in December 2022, representing an addition of 1,185 machines compared to December 2021. This upward growth trend continued, reaching 6,674 ATMs by June 2023. Furthermore, the number of point-of-sale (POS) machines also increased significantly, reaching about 403 thousand machines in December 2022, compared to about 335 thousand machines in December 2021. The bank aims to surpass the 469 thousand machines mark in June 2023. Branchwork expansion is another aspect of the infrastructure plan, with 46 new branches opened in December 2022. Thus, the bank’s total branchwork reached 634 branches, offices, and banking units. This strategic approach allows the bank to cater to the diverse needs of its customers across the Republic.

The National Bank of Egypt has witnessed remarkable growth in its loan portfolio as well. The total loan portfolio experienced a staggering increase of about 47% from December 2021. It recorded EGP 1,729 billion at the end of December 2022, compared to approximately EGP 1,175 billion in December 2021. The bank foresees continued growth, projecting a loan portfolio of about EGP 1.978 trillion by the end of June 2023. As part of its commitment to supporting small and medium enterprises (SMEs), the bank provided financing worth EGP 143 billion in December 2022. By the end of June 2023, this figure increased to EGP 159 billion, significantly surpassing the EGP 110 billion mark achieved in December 2021.

The National Bank of Egypt has also witnessed an increase in customer deposits. Total customer deposits amounted to 3.2 trillion pounds in December 2022, displaying an impressive increase of 836 billion pounds from December 2021. This positive trajectory is projected to continue, reaching approximately 3.4 trillion pounds by June 2023. Retail banking has played a significant role in this growth, with the loan portfolio in this sector reaching 227 billion pounds in December 2022. This signifies an increase of 68 billion pounds, with a growth rate of 42% over December 2021. By the end of June 2023, the loan portfolio is expected to achieve about 256 billion pounds, further contributing to the overall financial success of the bank.

In conclusion, the National Bank of Egypt’s impressive financial performance reflects its dedication to providing exceptional banking services to its customers. With its continuous focus on digital advancements, infrastructure expansion, and support for SMEs, the bank has solidified its position as a leading institution in the Egyptian banking sector. These achievements lay the foundation for continued growth and success in the future.

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