Cairo – Mubasher: Bank NXT, a subsidiary of EFG Holding, recorded 54% year-on-year (YoY) higher net profits at EGP 1.77 billion in 2024, according to the financial results.
Net interest income hiked by 54% YoY to EGP 3.91 billion as of 31 December 2024 from EGP 2.54 billion, while operating profit amounted to EGP 4.90 billion.
The surge was backed by an expansion in the lending portfolio and rising interest rates throughout the year.
Total lending portfolio jumped by 43% to EGP 32.50 billion last year from EGP 22.80 billion in 2023. This was driven by a rise in corporate and institutional loans to EGP 22.20 billion and growth in retail loans to EGP 10.30 billion.
Despite challenging economic conditions, Bank NXT maintained a solid capital adequacy ratio of 16.11%, reinforcing its long-term expansion strategy.
The lender reported customer deposits valued at EGP 68 billion by December 2024, up 34% YoY from EGP 50.90 billion, reflecting strong customer confidence in the bank.
Total assets increased by 29% YoY to EGP 79.40 billion in 2024 from EGP 61.40 billion, while total shareholders' equity grew by 27% to EGP 8.20 billion.
Tamer Seif El-Din, CEO and Managing Director of Bank NXT, said: “By broadening our product and service portfolio, we have successfully reached a wider customer base across Egypt, reinforcing our position as a leading financial institution.”
“With this renewed identity, we are strengthening our market position, integrating cutting-edge banking standards, and leveraging digital advancements to redefine financial services. This is the beginning of an exciting new chapter, built on a foundation of continuous success and sustainable growth,” Seif El-Din indicated.
