Friday, 31 March 2023

NBE’s retail gross revenue grew by 107.4%, from $591.2 million in 2019 to $1.22 billion in 2021

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By The Asian Banker

  • NBE’s retail gross revenue increased by 107.4%
  • Retail customers reached 17.8 million as of December 2021
  • New services added to the bank’s digital platforms

Singapore, 26 May 2022 – National Bank of Egypt (NBE), one of the largest commercial banks in  Egypt, was recognised as the Best Retail Bank in Egypt for the second year in a row at the Excellence in Retail Financial Services International Programme 2022 presented by The Asian Banker. 

Financial Performance: NBE’s retail gross revenue increased by 107.4%

NBE posted retail gross revenue of $1.22 billion in fiscal year (FY) 2021, up by 107.4% from FY2019 where its gross revenue was $591.2 million. The bank commanded a healthy return on equity (ROE) of 14.83%, a 6.44% year-on-year (YoY) increase in the previous FY which stood at 8.39%. It increased its retail loans by 33%, from $5.82 billion in FY2020 to $8.7 billion in FY2021 as it managed about 38 financing deals with a total value of $10.44 billion. The retail loans of NBE accounted for 24.8% of total loans. The bank’s total retail deposits grew by 31.7% YoY, from $91.9 billion in FY2020 to $134.6 billion in FY2021, accounting for 36.7% of total banks' deposits. This was driven by the introduction of a diversified package of deposits in local and foreign currencies at competitively lucrative rates.

In comparison, Commercial International Bank (CIB) increased its total retail deposits by 14% YoY, reaching $14.47 billion in FY2021 from $12.44 billion in FY2020, compare to a higher 31.7% of the winning bank, NBE. The increase was driven by a local currency deposit growth of 18%. Retail banking gross loans also grew by 14% YoY, from $2.2 billion in 2020 to $2.56 billion, wholly on a 17% growth in local currency loans but also lower that NBE’s 33%. CIB’s retail net revenue increased by 12.26% YoY, from $441.05 million in 2020 to $495.13 million in 2021, also lower from NBE.

Customer Experience: Retail customers reached 17.8 million as of December 2021

NBE has the largest customer base in Egypt reaching 18.1 million customers by February 2022, from 17.8 last December 2021. With a growth of 18.8 YoY, the bank acquired 10,400 new customer per business day.

The bank’s online portal, “Al Ahly Net” had 5.8 million users in FY2021 from 2.7 million in FY2020, with an activation rate of 55%. In 2021, the bank launched 27 e-branches that operate without human intervention; this expanded to 43 e-branches across Egypt. As of December 2021, NBE reached a milestone of 588 branches in Egypt supported by a network of 5,392 automated teller machines (ATM)  spread throughout all Egyptian governorates. In 2021, NBE also launched the first bus branch in Egypt and the Middle East bring banking services to underserved areas.

Meanwhile, CIB serves 1.4 million customers across Egypt. As of December 2021, CIB had 188 branches and 27 units across Egypt, supported by a network of 1,284 ATMs. The bank does not have e-branches in Egypt.

Banque Du Caire serves a lower number of customer base than NBE with more than three million and has a network of 246 branches and 1,450 ATMs spread nationwide.

Technology: Adding new services to the bank’s digital platforms

In 2021, NBE added new services to Al Ahly Net, its online portal and Al Ahly Mobile, its mobile application. This made transfers between local accounts using the International Bank Account Number (IBAN) possible, and making transfers to electronic wallets through the Automated Clearing House (ACH) network. It also includes making payments available through Fawry, an electronic payment service provider.

CIB, meanwhile, focused on accelerating its digital transformation, with efforts focused on laying the foundation for the “Bank of the Future”, which includes robotic process automation (RPA), operations centralisation, service digitalisation, and channel enhancements.



About The Asian Banker

The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The global research company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. Visit the company website at

You may visit the Excellence in Retail Financial Services page at

To view the respective evaluation criteria, click here:

For further information, you may get in touch with:

Mobasher Zein Kazmi

Head of Research

Tel: (+61) 452 514 145

[email protected]

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