Latest news with #BankNXT
Gulf Business
22-05-2025
- Business
- Gulf Business
EFG Holding posts resilient Q1 '25 results despite FX impact
Image: Supplied The decline reflects last year's exceptional foreign exchange (FX) gains following a sharp Egyptian pound devaluation. Adjusted for FX effects, revenues grew 31 per cent YoY, underscoring strong operational momentum across its core businesses. Total operating expenses fell 29 per cent YoY to EGP3.5 bn, helped by lower employee costs and provisions. Net profit after tax dropped 34 per cent YoY to EGP 1.2bn. EFG Hermes highlights EFG Hermes, the investment banking arm, saw revenues decline 54 per cent YoY to EGP 2.9 bn due to FX impact, but rose 30 per cent YoY excluding FX. Sell-side and buy-side revenues grew 46 per cent and 50 per cent YoY, respectively. Net profit fell 54 per cent to EGP 652 million. EFG Finance, the non-bank fiinancial institutions platform, delivered a 23 per cent YoY revenue increase to EGP 1.3 bn, with net profit more than doubling to EGP297m. Bank NXT, the commercial banking unit, posted 11 per cent revenue growth to EGP1.4bn and net profit increased 5 per cent to EGP498m, supported by higher interest income following rate hikes. Awad added, 'Our brokerage business is thriving in key markets like Kuwait and the UAE. We are advancing in private equity with the Saudi Education Fund and strengthening fintech through Valu's growth and upcoming listing. We remain focused on strategic execution and sustainable value creation.'
Zawya
07-04-2025
- Business
- Zawya
Egypt: EFG Holding's unit Bank NXT logs $33mln profits in 2024
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. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
Zawya
07-04-2025
- Business
- Zawya
Egypt: Bank NXT's profits surge by 54% YoY in 2024
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. (
Zawya
06-04-2025
- Business
- Zawya
Bank NXT achieves record net profit of EGP 1.77bln, reflecting robust performance in 2024
Cairo: Bank NXT, a leading provider of integrated retail and corporate banking solutions in Egypt, and a subsidiary of EFG Holding, announced today its financial results for 2024, achieving a record net profit of EGP 1.77 billion, marking an impressive 54% year-on-year growth. Bank NXT's strong performance in 2024 was fueled by its innovative product offerings and strategic partnerships, aligning with its long-term growth plan to better serve its expanding customer base. Net interest income surged 54% year-on-year to EGP 3.91 billion, up from EGP 2.54 billion in 2023, while operating profit climbed 37% to EGP 4.9 billion in 2024. This growth was fueled by an expansion in the lending portfolio and rising interest rates throughout the year. The bank's total lending portfolio grew 43% year-on-year to EGP 32.5 billion, compared to EGP 22.8 billion in the previous year. This was driven by a rise in corporate and institutional loans to EGP 22.2 billion, marking an increase of 45%, and a 37% increase in retail loans to EGP 10.3 billion. Despite challenging economic conditions, the bank maintained a solid capital adequacy ratio of 16.11%, reinforcing its long-term expansion strategy. Customer deposits grew 34% to EGP 68 billion by December 2024, up from EGP 50.9 billion the previous year, reflecting strong customer confidence in the bank. Total assets increased by 29% year-on-year to EGP 79.4 billion, compared to EGP 61.4 billion in 2023, while total shareholders' equity grew by 27% to EGP 8.2 billion. Tamer Seif El-Din, CEO and Managing Director of Bank NXT, said: 'Our strong financial results in 2024 are a testament to our strategic expansion and our unwavering commitment to meeting customer needs. 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. This achievement would not have been possible without our dedicated team, whose expertise and dedication continue to drive our success. We remain focused on delivering competitive banking solutions that create meaningful value for our clients, shareholders, and the communities we serve.' 'The rebrand to Bank NXT, effective September 30, 2024, marks a transformative step in our journey toward greater innovation and customer-centricity. This evolution is about more than just a new name—it's a bold statement of our vision for a faster, more efficient, and digitally driven banking experience. 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,' added Seif El-Din. To further its product offering, Bank NXT introduced several new products tailored to evolving customer needs. These include the saving account 'Super Daily Plus', offering an exclusive daily Compounding interest rate of up to 20%, free life insurance coverage of up to EGP 1 million, and a complimentary issuance fees for secured credit card against the super daily saving account balance. The Bank also launched a time deposit product with interest in advance with a tenor up to six months, offering a competitive rate 20% paid upfront. Additionally, it introduced a redesigned suite of seven new debit and credit cards, including a co-branded prepaid card in partnership with Valu. The bank's credit card portfolio saw significant growth, with outstanding balances rising 390% year-on-year to EGP 392 million, compared to EGP 80 million in 2023, while the number of issued credit cards increased by 250%. As for Digital Services, Bank NXT launched the Internet banking platform and NXT mobile application to enhance the customer's experience. additionally, the bank expanded cash deposit and withdrawal services for credit cards via Fawry outlets. The bank also introduced the governmental payment services 'CPS' for its corporate customers in collaboration with eFinance. Moreover, the Bank partnered with MindGate Solutions to develop a digital banking platform for corporate clients, set to launch in 2025. The bank also made significant progress in expanding and upgrading its ATM network, increasing the number of ATMs to 115 in 2024, a 27% rise from 2023. The Bank plans to expand this network further, aiming for 190 to 200 ATMs by 2027 as part of its growth strategy, coupled with introducing new services such as Credit card deposit services and card pin management. As part of its strategic expansion, Bank NXT inaugurated three new branches in 2024, located in Madinaty, 6th of October, and Assiut. Additionally, a Digital Transformation Hub (Digital Factory) was launched. Demonstrating its commitment to inclusivity, the 6th of October and Assiut branches are designed to serve customers with special needs. This expansion increases the bank's branch count to 36, including three Islamic banking branches, with a projected growth of 50 branches by 2027. In support of SMEs, the bank surpassed the 25% regulatory requirement set by the Central Bank of Egypt. This highlights the bank's commitment to providing comprehensive financing solutions for businesses at various growth stages. In line with the financial inclusion strategy and the presidential initiative "A New Beginning for Human Building", supported by the Central Bank of Egypt, Bank NXT has expanded customer access to banking products and services. The bank has also enhanced financial accessibility for micro-enterprises and self-employed professionals by offering economic accounts and conducting financial literacy sessions. To ensure inclusive access to banking services, the bank has taken steps to accommodate people with disabilities and the elderly by equipping branches and ATMs accordingly. Additionally, to further promote financial inclusion, the bank introduced a free youth banking package, including a 15+ savings account with no fees or minimum balance, along with free prepaid and debit cards. The Bank also has actively participated in major events such as Qaderoon Beach in Damietta, Al Horreya Club in Port Said, and October University for Modern Sciences and Arts (MSA). Furthermore, in support of visually impaired customers, the bank has printed account opening forms and the CBE brochure in Braille. Bank NXT places a high priority on actively contributing to achieving the goals of Egypt's Vision 2030 and the United Nations Sustainable Development Goals (SDGs), with a focus on achieving inclusive economic development by integrating environmental, social sustainability practices, and governance (ESG) principles into all its activities and operational processes, including those of its suppliers. These efforts include promoting digital transformation, as well as designing and developing a comprehensive Environmental and Social Risk Management System (ESMS) to identify, assess, and manage risks associated with these aspects, and working to reduce carbon emissions. These efforts have been reflected in the bank's carbon footprint report. The bank also places great importance on training employees at all levels on sustainability concepts and enhancing environmental awareness. Additionally, the bank issued its first GRI report this year, which reflects all sustainability activities within the bank to ensure a positive and sustainable impact in the future. As part of its corporate social responsibility (CSR) initiatives, the Bank continued its contributions to healthcare, education, and social welfare. Through the Bank NXT Foundation for Community Development, it partnered with organizations such as Tahya Misr Fund and Al Orman Association to distribute food supplies to underprivileged families during Ramadan, donating electric wheelchairs to disabled individuals in New Damietta City, and funding the digitization of the Cairo University Faculty of Law Library. In recognition of its outstanding performance, Bank NXT won several prestigious awards in 2024, including 'Transformational Leadership Excellence in Egypt' from the World Union of Arab Bankers (WUAB). Additionally, the bank was named 'Best Local Bank' in Egypt by EMEA Finance African Banking Awards 2024. For the full financial report for the year ended December 31, 2024, and management commentary, please visit the bank's website. About Bank NXT Bank NXT (formerly known as aiBANK) was established in 1974 as an investment and business bank and commenced its activities under the supervision of the Central Bank of Egypt in 1978 with a capital base of USD 40 million, which was later increased to EGP 1,987 million in 2020. Moreover, as per the decisions of the general assembly held on the 10th of October in 2021, and after the completion of the Bank's acquisition deal, the Bank received approval to increase its paid-up capital to EGP 5,400,000,006 and adjusted its ownership structure accordingly to accommodate both new and existing investors, as per the following: EFG Holding S.A.E – (51%) Egypt's Financial Services and Digital Transformation Sub-Fund – (25%) National Investment Bank – (24%) The Bank offers banking services for individuals through its wide spectrum of retail banking products in addition to its corporate banking services for businesses and institutions through providing loan syndication services to companies and institutions looking to finance large national projects that support the economy and the Bank. The Bank is keen on supporting the growth of small and medium enterprises, which play a crucial role in Egypt's overall economic and social development, as well as, providing investment and treasury services. The Bank offers its services to its customers through its 36 branches nationwide. It is constantly working on expanding its geographical presence by opening new branches, with two new branches set to open this month. In addition, the bank is expanding its ATM network to ensure that it covers all key locations. The Bank is also committed to satisfying its customers by providing unique and competitive services and investing in its tech systems and human capital to improve the overall level of its banking services. For further information, please contact: Reham Abbas Head of Public Relations and Corporate Communications of Bank NXT rabbas@ About EFG Holding EFG Holding (EGX: – LSE: EFGD) is a financial institution that boasts a remarkable 40-year legacy of success in seven countries spanning two continents. Operating within three distinct verticals — the Investment Bank (EFG Hermes), Non-Bank Financial Institutions (NBFI) (EFG Finance), and Commercial Bank (Bank NXT) — the company provides a comprehensive range of groundbreaking financial products and services tailored to meet the needs of a diverse clientele, including individual clients and businesses of all sizes. EFG Hermes, the leading investment bank in the Middle East and North Africa (MENA), offers extensive financial services, encompassing advisory, asset management, securities brokerage, research, and private equity. In its domestic market, EFG Holding serves as a universal bank, with EFG Finance emerging as the fastest-growing NBFI platform, comprising Tanmeyah, a microfinance player, EFG Corp-Solutions, which provides leasing and factoring services, Valu, a universal financial technology powerhouse, Bedaya for mortgage finance, Kaf for insurance, Fatura, a technology-backed B2B marketplace and EFG Finance SMEs which provides financial services for small and medium enterprises. Furthermore, the company delivers commercial banking solutions through Bank NXT, an integrated retail and corporate banking product provider in Egypt. Proudly present in: Egypt | United Arab Emirates | Saudi Arabia | Kuwait | Bahrain | Kenya | Nigeria | Learn more about us at For further information, please contact: May El Gammal Group Chief Marketing & Communications Officer of EFG Holding melgammal@ Omar Salama Associate Director of Communications of EFG Holding osalama@ The EFG Holding Public Relations Team PublicRelations@ Note on Forward-Looking Statements In this press release, EFG Holding may make forward-looking statements, including, for example, statements about management's expectations, strategic objectives, growth opportunities, and business prospects. These forward-looking statements are not historical facts but instead represent only EFG Holding's belief regarding future events, many of which, by their nature, are inherently uncertain and are beyond management's control and include, among others, financial market volatility; actions and initiatives taken by current and potential competitors; general economic conditions and the effect of current, pending, and future legislation, regulations and regulatory actions. Accordingly, the readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made.
Zawya
13-03-2025
- Business
- Zawya
Bank NXT announces partnership with Tomorrow Solar to finance solar energy units
Cairo: Bank NXT, a leading provider of integrated retail and corporate banking solutions in Egypt, has announced the signing of a cooperation protocol with Tomorrow Solar, a company specializing in solar energy, to finance the establishment of solar power stations for the bank's residential sector customers. This partnership aligns with the bank's commitment to supporting the transition to renewable energy and promoting environmental sustainability, which is in line with Egypt's Vision 2030 and the Sustainable Development Goals. As part of this collaboration, Bank NXT offers financing covering up to 100% of solar panels and installation costs. The program features competitive interest rates, full exemption from administrative fees, and flexible repayment plans of up to 7 years (84 months). It also features fast approvals, simplified procedures, and reduced documentation requirements, facilitating a seamless transition to clean energy for customers. The signing of this protocol aligns with Egypt's Vision 2030, which aims to increase reliance on clean energy sources to generate 42% of total electricity by 2035. This cooperation reflects Bank NXT's commitment to supporting the green economy by facilitating investment in renewable energy, reducing carbon emissions, and contributing to Egypt's sustainability goals. The protocol signing event was attended by Sherif Nada, Head of Retail Banking, Branch Network, and BB at Bank NXT, Mostafa Nabil Moshref, Chairman of Tomorrow Solar, and a distinguished group of executives from the bank and the company. Tamer Mostafa, Senior Director of Business Development and Sustainable Development at Bank NXT stated, "This partnership with Tomorrow Solar is a strategic step in our commitment to financing sustainable solutions that enhance the green economy and support the future of energy in Egypt. The initiative goes beyond providing seamless financing for individuals' homes and residential complexes—it reinforces Bank NXT's role in accelerating the transition to renewable energy as a fundamental choice for daily life. Facilitating access to financing through flexible procedures and extended repayment plans promotes environmental sustainability, supports economic growth, and provides long-term benefits for individuals and the community, establishing a more sustainable and efficient economy." Mostafa Nabil Moshref, Chairman of Tomorrow Solar, commented, "Our partnership with Bank NXT represents a strategic step towards supporting the shift to renewable energy by providing innovative financial and technical solutions that contribute to economic and environmental sustainability, positively impacting Egypt's future." Through this initiative, Bank NXT and Tomorrow Solar continue to lead the renewable energy sector by offering practical and efficient solutions that accelerate the adoption of clean energy, support economic growth, reduce reliance on traditional energy sources, and protect the environment for future generations. -Ends- About Bank NXT Bank NXT (formerly known as aiBANK) was established in 1974 as an investment and business bank and commenced its activities under the supervision of the Central Bank of Egypt in 1978 with a capital base of USD 40 million, which was later increased to EGP 1,987 million in 2020. Moreover, as per the decisions of the general assembly held on the 10th of October in 2021, and after the completion of the Bank's acquisition deal, the Bank received approval to increase its paid-up capital to EGP 5,000,000,003 and adjusted its ownership structure accordingly to accommodate both new and existing investors, as per the following: EFG Holding S.A.E – (51%) Egypt's Financial Services and Digital Transformation Sub-Fund – (25%) National Investment Bank – (24%) The Bank offers banking services for individuals through its broad spectrum of retail banking products and corporate banking services for businesses and institutions by providing loan syndication services to companies and institutions looking to finance large national projects that support the economy and the Bank. The Bank is keen on supporting the growth of small and medium enterprises, which play a crucial role in Egypt's overall economic and social development and provide investment and treasury services. The Bank offers its services to its customers through its 34 branches nationwide. It is constantly expanding its geographical presence by opening new branches, with two new branches set to open this month. In addition, the bank is expanding its ATM network to ensure that it covers all key locations. The Bank is also committed to satisfying its customers by providing unique and competitive services and investing in its tech systems and human capital to improve the overall level of its banking services. For further information, please contact: Reham Abbas Head of Public Relations and Corporate Communications of Bank NXT rabbas@ About EFG Holding EFG Holding (EGX: – LSE: EFGD) is a leading financial institution that boasts a remarkable 40-year legacy of success in seven countries spanning two continents. Operating within three distinct verticals — the Investment Bank (EFG Hermes), Non-Bank Financial Institutions (NBFI) (EFG Finance), and Commercial Bank (Bank NXT) — the company provides a comprehensive range of groundbreaking financial products and services tailored to meet the needs of a diverse clientele, including individual clients and businesses of all sizes. EFG Hermes, the leading investment bank in the Middle East and North Africa (MENA), offers extensive financial services, encompassing advisory, asset management, securities brokerage, research, and private equity. In its domestic market, EFG Holding serves as a universal bank, with EFG Finance emerging as the fastest-growing NBFI platform, comprising Tanmeyah, a microfinance player, EFG Corp-Solutions, which provides leasing and factoring services, Valu, a digital payment platform, Bedaya for mortgage finance, Kaf for insurance, Fatura, a technology-backed B2B marketplace and EFG Finance SMEs, which provides financial services for small and medium enterprises. Furthermore, the company delivers commercial banking solutions through Bank NXT, a leading provider of integrated retail and corporate banking products in Egypt. Proudly present in: Egypt | United Arab Emirates | Saudi Arabia | Kuwait | Bahrain | Kenya | Nigeria Learn more about us at For further information, please contact: May El Gammal Group Chief Marketing & Communications Officer of EFG Holding melgammal@ Omar Salama Senior Communications Manager of EFG Holding osalama@ The EFG Holding Public Relations Team PublicRelations@ Note on Forward-Looking Statements In this press release, EFG Holding may make forward-looking statements, including, for example, statements about management's expectations, strategic objectives, growth opportunities, and business prospects. These forward-looking statements are not historical facts but instead represent only EFG Holding's belief regarding future events, many of which, by their nature, are inherently uncertain and are beyond management's control and include, among others, financial market volatility; actions and initiatives taken by current and potential competitors; general economic conditions and the effect of current, pending, and future legislation, regulations and regulatory actions. Accordingly, the readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made. About Tomorrow Solar For seven years, Tomorrow Solar has been a trailblazer in Egypt's renewable energy landscape, delivering sustainable solutions to over 3,000 satisfied customers nationwide. With a Silver Tier Certification and an imminent upgrade to Gold Tier status, we proudly generate up to 10 MW of clean energy across residential, commercial, and industrial sectors. Our core offerings—Solar PV Panels, Solar Water Heaters (from our sister company Termica), and EV Chargers —are designed to meet the highest international standards. The Solar Package, which combines these products at competitive prices with flexible payment plans, delivers exceptional value and a return on investment within 4-5 years. This offering exemplifies our commitment to quality, affordability, and customer satisfaction, backed by guarantees of up to 5 years for optimal safety and reliability. What sets us apart is our comprehensive approach to renewable energy, blending innovative technology with exceptional pre- and post-sales service. We've earned our reputation as a trusted partner in sustainability, empowering clients with reliable, long-term energy solutions. Our vision extends beyond Egypt. We aim to drive accessible renewable energy and sustainable growth for Tomorrow Solar and its partners both nationally and internationally, bringing our expertise and high-quality solutions to global markets while reinforcing our position as a leader in the renewable energy industry. At Tomorrow Solar, we're not just harnessing the power of the sun—we're building a brighter, greener future for all. Join us on this journey toward a sustainable world.
