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NBK-Egypt reports 62.9% YoY increase in profits - Daily News Egypt

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NBK-Egypt reports 62.9% YoY increase in profits

The bank recorded EGP 445.6m net profits for the first nine months of 2015

The National Bank of Kuwait-Egypt (NBK-Egypt) reported net profits of EGP 445.6m for the first nine months of 2015 compared to EGP 273.5m for the corresponding period in 2014, an increase of 62.9% year-on-year (YoY).

NBK-Egypt’s total assets increased by 60.6% YoY to EGP 36.7bn in September 2015 compared to EGP 22.9bn in September 2014. Customers’ deposits grew by 56.1% YoY to EGP 30.9bn, compared to EGP 19.8bn in 2014.

“The solid growth achieved affirms NBK-Egypt’s successful strategy to better position itself in the Egyptian market, offering best-in-class products and services to its customers,” NBK Group CEO and NBK-Egypt Chairman Isam Al-Sager said.

“This is also a testimony to NBK Group’s successful regional expansion strategy, with Egypt as one of its main pillars considering the strong outlook and promising growth opportunities that the Egyptian market offers.”

NBK-Egypt Managing Director Yasser Hassan highlighted their solid performance, delivering strong growth in all financial indicators despite the challenging operating environment in Egypt. This strong performance is attributed to the bank’s conservative strategy as a member of NBK Group. This strategy mainly focuses on diversifying the loan portfolio and providing the best financial solutions tailored for clients reflected thorough analyses of customer needs and market conditions.

NBK-Egypt , which was previously Al-Watany Bank of Egypt, is a member of National Bank of Kuwait Group, established in 1980. The bank has a network of 39 branches situated in strategic locations within the various Egyptian governorates and cities, including Cairo, Giza, Alexandria, Delta, Sinai, and the Red Sea, as well as in industrial areas such as 6th of October and 10th of Ramadan cities.

NBK was founded in 1952 as the first national bank and financial institution in Kuwait and the GCC. It is one of the largest and most prominent Arab banks. NBK continues to collectively enjoy the highest ratings among all banks in the Middle East from the three international rating agencies Moody’s, Fitch Ratings, and Standard and Poor’s.

NBK was also named among Global Finance’s list of the 50 safest banks in the world for the tenth consecutive time, topping all Arab commercial banks and ahead of major international banks. NBK Group has a wide presence of branches locally and internationally in the most important financial centres such as London, New York, Geneva, and Singapore, in parallel with branches in Bahrain, Lebanon, Jordan, Saudi Arabia, the UAE, Iraq, Turkey, and China.

Topics: NBK-Egypt

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