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Banking and FinancePositive News
Bank NXT Soars to EGP 1.77B Profit in 2024 Amid Lending Surge
Bank NXT reports a 54% profit jump to EGP 1.77B in 2024, driven by lending growth and digital expansion.
April 7, 2025 at 10:05:00 AMScore: 92
Bank NXT, a subsidiary of EFG Holding, reported a 54% year-on-year surge in net profits, reaching EGP 1.77 billion in 2024. Net interest income skyrocketed by 54% to EGP 3.91 billion, while operating profit hit EGP 4.90 billion. This growth was fueled by a 43% expansion in its lending portfolio, which climbed to EGP 32.50 billion, driven by corporate loans (EGP 22.20 billion) and retail loans (EGP 10.30 billion). Despite economic challenges, the bank maintained a robust capital adequacy ratio of 16.11%. Customer deposits rose 34% to EGP 68 billion, and total assets grew 29% to EGP 79.40 billion. CEO Tamer Seif El-Din highlighted strategic expansions and digital advancements as key to strengthening its market position.
Recommended Actions
- Consider buying Bank NXT stock amid strong profit growth
- Monitor lending portfolio expansion for future gains
- Evaluate dividend potential given rising equity base
- Watch for digital banking innovations impacting market share
- Hold position if already invested for long-term growth
Positive Aspects
- 54% profit surge
- 43% lending portfolio growth
- Robust capital adequacy ratio
- 34% deposit increase
- Digital transformation focus
Negative Aspects
- Challenging economic conditions noted but successfully navigated
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