KUWAIT: National Bank of Kuwait-Egypt (NBK-E), reported net profits of EGP 445.6 million for the first nine months of 2015 compared with EGP 273.5 million for the same period last year, an increase of 62.9 percent year-on-year (y-o-y).
As of end of September 2015, NBK-Egypt total assets increased by 60.6 percent y-o-y to EGP 36.7 billion compared to EGP 22.9 billion as of end-September 2014. Customers’ deposits grew by 56.1 percent y-o-y to EGP 30.9 billion compared to EGP 19.8 billion in 2014.
Isam Al-Sager, NBK Group Chief Executive Officer and NBK-Egypt Chairman, said “The solid growth achieved affirms NBK-Egypt’s successful strategy in better-positioning itself in the Egyptian market, offering best-in-class products and services to its customers. This is also a testimony to NBK Group’s successful regional expansion strategy where Egypt is one of its main pillars considering the strong outlook and promising growth opportunities that the Egyptian market offers”.
Dr. Yasser Hassan, Managing Director of NBK-Egypt highlighted the solid performance of the Bank, 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 the NBK Group. This strategy mainly focuses on diversifying the loan portfolio and providing the best financial solutions tailored for clients, reflecting thorough analyses of customer needs and market conditions.
NBK-Egypt (previously Al Watany Bank of Egypt) is a member of National Bank of Kuwait Group and was established in 1980. The Bank has a network of 39 branches situated at 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 Sixth of October and Tenth of Ramadan cities.
National Bank of Kuwait was founded in 1952 as the first indigenous national bank and financial institution in Kuwait and the GCC and is one of the largest and most prominent Arab banks. NBK continues to enjoy collectively 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. The National Bank of Kuwait Group has a wide presence of branches locally and internationally in the most important financial centers such as London, New York, Geneva, and Singapore in parallel to branches in Bahrain, Lebanon, Jordan, Saudi Arabia, UAE, Iraq, Turkey and China.
