Cairo – National Bank of Kuwait - Egypt (NBK Egypt) generated net profits valued at EGP 4.02 billion (KWD 41.40 million) in 2023, an annual hike of 120.21% from EGP 1.82 billion (KWD 30.70 million).

Net operating income increased by 87.04% year-on-year (YoY) to EGP 8.66 billion as of 31 December 2023 from EGP 4.63 billion, according to a press release.

Meanwhile, the net interest income jumped by 82.51% to EGP 6.99 billion last year from EGP 3.83 billion in 2022.

Total assets hit EGP 130.61 billion in 2023, up by 24.22% YoY from EGP 105.14 billion. The net balance of loans and credit facilities enlarged by 38.42% to EGP 76.06 billion from EGP 54.95 billion.

The lender registered customer deposits amounting to EGP 105.93 billion in 2023, higher by 25.42% than EGP 84.46 billion by the end of 2022.

Return on average assets (ROAA) surged from 2% at the end of 2022 to 3.40% at the end of 2023, while the return on average equity (ROAE) increased from 16.90% to 30.70%.

Shaikha Al-Bahar, Chairman of NBK-Egypt, said: “In 2023, NBK-Egypt achieved its highest annual profits to date, accompanied by record growth rates.”

“We aim to expand our loan portfolio for SMEs, broaden the scope of our operations, and diversify them to encompass a wider geographical reach and cater to various customer segments,” Al-Bahar added.

She also underlined that Egypt represents a significant growth market, affirming the bank’s commitment to boost its expansion.

The operations in the Arab Republic continue to be among the most profitable within the group, marking the highest rates of return on shareholders' equity and assets.

“We maintain an optimistic outlook on prospects, buoyed by the momentum generated from the Egyptian government and the Central Bank of Egypt's reform and exceptional measures,” the Chairman concluded.

The CEO and Managing Director of NBK-Egypt, Yasser El-Tayeb, highlighted that the lender maintained a solid performance despite challenges that “include the aftermath of the Russian-Ukrainian conflict, the Gaza war, import crises, and fluctuations in the foreign exchange rate against the Egyptian pound.”

In the third quarter (Q3) of 2023, the bank’s net profits reached EGP 2.57 billion (KWD 26.50 million).

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