EFG Holding’s Bank NXT made $35 million in profit in 2024, a 54% increase, thanks to more loans and deposits
Bank NXT, which is part of EFG Holding, said on Sunday that its profit in 2024 went up by 54% compared to last year. The bank made a record $35 million (EGP 1.8 billion). This happened because it gave out more loans, earned more from interest, and got more money from customer deposits.
Full-Year Performance
Bank NXT, previously called aiBANK until it changed its name in late September, said it made 54% more money from interest in 2024, reaching $77.2 million (EGP 3.91 billion). Its operating profit also went up by 37% to $97 million (EGP 4.9 billion).
The bank’s total loans grew by 43% over the year, reaching $643.5 million (EGP 32.5 billion). Both business and personal loans increased—business loans rose 45% to $439.6 million (EGP 22.2 billion), and personal loans went up 37% to $203.9 million (EGP 10.3 billion).
The bank also said it went beyond the Central Bank of Egypt’s 25% target for lending to small and medium-sized businesses. It worked on improving financial knowledge and launched special accounts for young people with no fees or minimum balance.
Shareholders’ equity (the value of the company owned by investors) rose 27% to $162.4 million (EGP 8.2 billion).
Customer deposits increased by 34% to $1.3 billion (EGP 68 billion), which the bank said shows strong trust from customers.
“Our strong results in 2024 show that our growth plans are working and that we’re focused on giving customers what they need,” said CEO Tamer Seif El-Din.
The bank said some of its growth came from higher interest rates and more digital and retail banking services. It introduced new savings accounts with interest rates up to 20% and launched new cards, including one made with Valu.
People used their credit cards a lot more—total balances went up nearly five times to $7.8 billion (EGP 392 million), and the number of credit cards issued increased by 250%.
Recent Developments
In 2024, Bank NXT worked on its digital services by launching online and mobile banking, offering credit card deposit services through Fawry, and increasing its ATMs by 27% to 115 machines. The goal is to reach 200 ATMs by 2027.
In business banking, the bank teamed up with MindGate Solutions to create a new digital platform for companies, expected to launch in 2025. It also started offering payment services for government transactions with help from eFinance.
The bank opened three new branches in Madinaty, 6th of October, and Assiut, bringing the total number of branches to 36. This includes three Islamic banking branches. The plan is to grow to 50 branches by 2027.
In 2024, the bank won several awards, including “Transformational Leadership Excellence in Egypt” and “Best Local Bank” from EMEA Finance.
Big Number
The bank’s total assets grew by 29% in 2024, reaching $1.6 billion (EGP 79.4 billion).
Published: 7th April 2025
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