Arab Finance: Today, a bank, a bank, is one of the leading banks in Egypt and specialized in providing comprehensive banking solutions for individuals and companies, which is affiliated with the group HRHO group (HRHO)On the financial results for the year 2024, where a net profit of 1.77 billion pounds, with an annual growth rate of 54%. This is thanks to the advanced products and strategic partnerships that the bank has concluded during the year within the framework of its growth plan, which aims to meet the various permanent needs of customers, according to the statement sent on April 6.
On the other hand, the net income from the return increased by 54% to 3.91 billion Egyptian pounds by the end of the fiscal year for the year 2024, compared to about 2.54 billion Egyptian pounds by the end of last year 2023.
The net operating profit increased by an annual rate of 37% to 4.9 billion Egyptian pounds during the year 2024, driven by the remarkable growth of net income from the return in light of the growth of the financing portfolio and the increase in interest rates during the year, the financing portfolio increased before calculating the allocations at an annual rate of 43% to 32.5 billion pounds during the year 2024, compared to 22.8 billion pounds during the previous year.
This comes as a result of the increase in the financing portfolio of companies and institutions to 22.2 billion pounds during 2024, a growth rate of 45% and an increase in the loan portfolio for individuals at an annual rate of 37% to record 10.3 billion pounds during the year, while the bank continues to maintain a high capital adequacy rate of 16.11% despite the economic challenges taking place in local and global markets, which supports the growth strategy it adopts.
Customer deposits reached 68 billion pounds at the end of December 2024, with an annual growth rate of 34% compared to 50.9 billion pounds by the end of the previous year, which is due to customer confidence in the bank.
The total assets increased by 29% to record 79.4 billion pounds at the end of 2024, compared to 61.4 billion pounds at the end of the previous year. The total property rights amounted to 8.2 billion pounds by the end of 2024, with an annual growth rate of 27%.
Tamer Seif El -Din, CEO and Managing Director of the Nicks Bank, expressed his pride in the distinguished performance of the bank during the year 2024, which reflects the return on the expansion of the products of the products and services it provided and was available to a wide segment of customers throughout the Republic.
Saif Al -Din praised the efforts of the bank's work team, stressing that they constitute the main element in achieving sustainable success, and that the strong results recorded by the bank during the year confirms its success in achieving its financial goals and pride in its customers with its keenness to satisfy them and work to meet all their needs, and Saif al -Din stressed that the bank continues to achieve its strategic goals of providing a package of the best competitive banking solutions, while maximizing the positive return on Customers, shareholders and societies in general.
The bank has announced the change of its brand and institutional identity to become a bank of Nicks as of September 30, 2024, in a strategic move aimed at enhancing digital transformation and improving customer experience.
This change reflects the new identity of the bank, which focuses on providing more efficient and speedy financial services, while enhancing its position in the market and its support for sustainable growth.
Saif Al -Din confirmed that changing the brand represents a new starting point for the bank after three years of continuous success. He added: “We have committed to applying the best banking work standards and pushing the bank towards growth and expansion, in line with digital transformations in the sector. We are investing in developing our digital infrastructure to enhance our capabilities, and enabling our customers to obtain more easy and speed banking services. This change is not just an update of identity, but rather reflects our vision for a more advanced and innovative future.”
Within the framework of the bank's strategy to enhance innovation and provide advanced banking solutions, the bank succeeded in launching a group of new products that meet the needs of different customers. Among them, the “Daily Plus” savings account, which provides exclusive benefits that include a competitive interest rate of 20% spent daily, in addition to free life insurance of up to one million pounds and a credit card issuance by ensuring the balance of the savings account for free without issuing expenses for the first year. The account also allows the issuance of a check book.
Moreover, a deposit with a paid return has been launched for the deadlines of up to 6 months with a return of up to 20% spent in advance. A group that has been fully redesigned from credit cards and direct deduction has been presented, including 7 new cards with competitive benefits that meet the needs of different customers in addition to a new credit card and a prepaid card in cooperation with the company for financial services technology.
The bank also achieved a remarkable growth in the performance of credit cards, as the existing cards balances increased exceptionally by 390% to reach 392 million Egyptian pounds in 2024 compared to 80 million pounds in 2023.
The number of cards also witnessed a big leap, which reached 250%.
In the field of digital services, the banking internet service and the mobile phone application were launched to facilitate the banking operations for customers, as well as providing CPS government payment service through i Finance to corporate customers.
Moreover, the withdrawal and cash deposit service for credit cards was launched through the ports of Foury.
In addition, the bank has succeeded in concluding a strategic partnership with Mind Gate Solutions to participate in developing a digital platform specifically designed to meet the needs of corporate customers to provide them with a series of online banking and mobile services, which is scheduled to be launched during 2025.
The bank also succeeded in increasing the number of ATM machines and developing them, as the number of ATM machines reached 115 machinery during 2024, an increase of 27% compared to the end of 2023 with the aim of covering strategic sites and facilitating customer service at any time, and everywhere, knowing that the bank aims to develop its network from 190 to 200 ATM machinery by the end of 2027, according to the expansion plans it adopts.
The bank continued its expansion plan to enhance financial inclusion and increase the network of its branches in line with its plan to achieve geographical coverage. During the year 2024, 3 branches (City Branch, Sixth of October and Assiut) were opened in addition to a Digital Factory, and it is considered the sixth of October and Assiut branches equipped to receive clients with concerns, thus reaches The total number of branches to 36 branches throughout the Republic, including (3) Islamic branches, and the bank targets 50 branches by 2027.
In the context of supporting small and medium enterprises, the bank succeeded in developing its financing portfolio for these sectors, so that the bank exceeds the target percentage of the Central Bank of Egypt amounting to 25% of the total financing portfolio, which reflects the bank’s keenness to provide integrated financing solutions that meet the needs of companies in various stages of their growth.
In light of the financial inclusion strategy and under the umbrella of the presidential initiative “a new beginning to build a human being” under the auspices of the Central Bank of Egypt, the bank enhanced financial inclusion by increasing the percentage of individual customers' access to products and banking services as well Banking, the bank's branches and ATMs are equipped to receive our customers with determination and provide the best services.
To raise the rates of financial inclusion, the bank was keen to offer a package of free products for youth, a 15+ account without expenses and without a minimum to open the account, as well as issuing paid cards and direct debit cards for free, and the bank is present in Qadroun Beach in Damietta, Freedom Club in Port Said and the University of October for Modern Sciences, Arts and various youth centers, in addition to printing all models of opening account The introductory leaflet issued by the Central Bank of Egypt in Braille.
On the other hand, the Nicks Bank places its top priorities to contribute effectively to achieving the goals of Egypt's Vision 2030 and the goals of the United Nations for Sustainable Development (SDGS), with a focus on achieving comprehensive economic development by integrating environmental and social sustainability practices and principles of governance (ESG) in all its activities and operational operations, in addition to suppliers activities.
These efforts include enhancing digital transformation, as well as designing and developing a comprehensive model for environmental and social risk management (ESMS) to identify, evaluate and manage risk associated with these aspects and work to reduce carbon emissions, and these efforts have been reflected in the carbon fingerprint report.
The bank also attaches great importance to training workers at various levels on the concepts of sustainability and enhancing environmental awareness. The bank issued a GRI report for the first time this year, which reflects all sustainability activities within the bank, in order to ensure a positive and sustainable impact in the future.
And believing in the bank of the importance of its role in social responsibility to achieve sustainable development, NKST Bank continues its efforts in supporting the health and education sectors, with special needs and social assistance, as it contributed through the Bank for Community Development Foundation in many initiatives with a group of the most prominent development institutions, including the Long Live Egypt Fund and the Orman Association during the holy month of Ramadan by distributing foodstuffs to families most in need of Cairo and Upper Egypt governorates.
In addition, the Foundation supported the new Damietta City Development Authority by providing a number of electrical chairs for people with special needs.
In the field of education, the Foundation has played an effective role to enhance sustainable development by supporting the plan to save and develop the Library of Law Faculty of Cairo University, to turn it into a digital library and link it to the central library and the electronic library of the Supreme Council of Universities, in order to serve the faculty members and researchers in the field of law in addition to the service of the business community, law offices and scientific research centers.
In appreciation of this outstanding performance; The bank won many prestigious awards during the year 2024; Where he received the “Excellence in Transforming Command” awards from the International Federation of Arab Banqueers (WUAB), confirming its efforts in leading change and providing innovative banking solutions that support sustainable development. Also, the EMEA Finance Award as Best Local Bank in Egypt in the seventeenth edition of the EMEA Awards for African Banking Services 2024.
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