Emirates NBD profits hit 1.9 billion pounds in 6 months

The results of the financial statements of Emirates NBD Egypt revealed that the bank’s net profit increased by 267% during the first half of this year compared to the same period last year for the first time in its history, driven by the growth of net income from dividends and increased commissions.

According to the bank’s data published on its website, Net Profit after taxes increased to EGP 1.942 billion during the first half of 2023 compared to EGP 529 million in the same period last year.

Emirates NBD Egypt, one of the UAE banks operating in the Egyptian banking sector, paid income taxes to the state treasury – the tax authority – by about 790.5 million pounds for the first half of 2023, according to the bank’s data.

Net income on return (return on loans and similar revenues minus the cost of deposits and similar costs), grew by 62.7% during the first half of this year to rise to about 3.22 billion pounds from about 1.98 billion pounds in the same period last year, as shown by the bank’s financial statements.

The bank’s data attributed the increase in net income to the return due to the growth of the growth rate of loans and similar revenues by an average of 56% during the first half of 2023 to increase to about 6.79 billion pounds compared to about 4.341 billion pounds in the same period of 2022.
The central bank’s raising the interest rate by 11% over 6 times during a year and a half contributed to an increase in banks ‘ profit in general as a result of the high cost of loans – linked to the corridor rate – as well as the rise in the dollar against the pound by about 96% compared to this period.