Bank Nxt Reports Strong Growth with EGP 428 Million Profit in Q3 2024
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Bank Nxt, a subsidiary of EFG Holding, continues to achieve remarkable success in the banking sector, recording a robust net profit of EGP 428 million in the third quarter of 2024, reflecting an impressive annual growth rate of 20%. These results highlight the bank’s strong financial position and operational efficiency, solidifying its status as one of the market’s leading banks.
The bank also witnessed a notable surge in revenues, which grew by an annual rate of 38% to reach EGP 1.2 billion, driven by an increase in net interest income. This performance underscores Next Bank’s ability to maintain consistent growth despite prevailing economic challenges.
At the group level, EFG Holding delivered stellar results, with net profit after tax and minority interest soaring by 76% year-on-year to EGP 697 million in Q3 2024. This growth was fueled by strong operational performance across its diverse business segments, with total revenues climbing by 68% year-on-year to reach EGP 5.0 billion.
Despite challenges posed by inflationary pressures and the impact of the Egyptian pound’s devaluation, which drove operational expenses up by 63% to EGP 3.2 billion, the group successfully enhanced its operational efficiency. The employee expenses-to-revenue ratio improved to 39% in Q3 2024, down from 42% in the previous quarter, reflecting EFG Holding’s commitment to achieving optimal efficiency standards.
Through this robust performance, Bank Nxt and EFG Holding reaffirm their leadership in the financial sector and their position as strategic partners delivering sustainable value to clients and investors alike.
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