In a recent financial update, the National Bank of Egypt (NBE), the country’s largest state-run lender, declared impressive profits before tax amounting to EGP 89.104 billion ($2.8 billion) during the initial nine months of 2023. This figure significantly surpasses the pre-tax profits of EGP 42.764 billion reported for the corresponding period in 2022.
The net profit also experienced remarkable growth, reaching EGP 50.009 billion in the first three quarters of 2023, compared to EGP 25.265 billion recorded at the end of September 2022.
The NBE’s total assets demonstrated a substantial increase, reaching EGP 5.015 trillion by the conclusion of September 2023, marking a notable surge from EGP 4.370 trillion in the same period of the preceding year.
Customer deposits exhibited positive growth, reaching EGP 3.583 trillion by the end of September 2023, in contrast to the figure of EGP 3.221 trillion reported at the close of 2022.
The National Bank of Egypt’s robust financial performance reflects its resilience and effectiveness in navigating economic dynamics, contributing to its standing as a key player in the nation’s banking sector.
