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NBK records $929.7m in net profits for 2015 - Daily News Egypt

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NBK records $929.7m in net profits for 2015

The group aims at strengthening its position in Egypt and increasing growth rates in the coming period, says CEO

The National Bank of Kuwait (NBK) recorded net profits of $929.7m in 2015, compared to $862.6m in 2014, marking a growth of 7.8%.

According to a press release by the bank, asset size has increased by 8.3%, to reach $77.8bn by the end of December 2015, while shareholders’ equity rose by 3.8% to record $8.6bn.

The bank noted that loans and advances has increased by 13.8% to $44.6bn and that customer deposits increased by 7.1% to reach $39.7bn by the end of December 2015.

Meanwhile, the bank’s non-performing loans fell by the end of 2015 to 1.34% of the total credit portfolio, compared to 1.5% in 2014. Coverage of the non-performing loans increased in 2015 to record 322%, compared to 276% in 2014.

Nasser Al-Sayer, NBK’s Chairman, said 2015 marked a new phase of development and growth for the bank, wherein it played a major role in the financing of several major projects, which was reflected on the increase in its loans portfolio, as well as the fee income, commissions, and operating income of the bank.

Isam Al-Sager, NBK’s Group’s CEO, said the bank will continue to diversify its income sources and enhance its position on the local and regional levels.

He pointed out that foreign branches and subsidiaries of the bank contributed about 27% of the group’s total earnings during 2015, in spite of the continuing operational challenges in many regional markets and the implications of the fall of oil prices in the Gulf markets.

Al-Sager added that Egypt will remain a primary growth market for NBK, expressing the group’s confidence in the Egyptian national economy and its promising opportunities, especially after the restoration of stability.

He noted that NBK aims to strengthen its position in Egypt, and increase growth rates during the upcoming period, a move that reflects the bank’s confidence in the Egyptian market and its strategic presence in the country.

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