Egypt: Bank NXT's profits surge by 54% YoY in 2024

Zawya

07-04-2025

Arab Finance: Bank NXT, a subsidiary of EFG Holding, achieved a net profit of EGP 1.77 billion in 2024, marking a 54% year-on-year (YoY) leap when compared to 2023, as per an emailed press release.
The strong financial performance was backed by the bank's innovative product offerings and strategic partnerships in line with its long-term growth plan to serve its expanding customer base.
Meanwhile, the net interest income surged 54% to EGP 3.91 billion at the end of December 2024 from EGP 2.54 billion in 2023, while operating profit climbed by 37% to EGP 4.9 billion.
Total lending portfolio jumped by 43% to EGP 32.5 billion last year EGP 22.8 billion in 2023. This hike was driven by a 45% rise in corporate and institutional loans to EGP 22.2 billion in addition to a 37% increase in retail loans to EGP 10.3 billion.
Customer deposits climbed by 34% to EGP 68 billion by December 2024, versus EGP 50.9 billion in 2023. The total assets increased by 29% YoY to EGP 79.4 billion from EGP 61.4 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.'
Seif El-Din noted: 'The rebrand to Bank NXT, effective September 30th, 2024, marks a transformative step in our journey toward greater innovation and customer-centricity.'
'With this renewed identity, we are strengthening our market position, integrating cutting-edge banking standards, and leveraging digital advancements to redefine financial services,' the CEO added.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).