|22 August, 2019

NBK-Egypt reports EGP 1.055 billion (KWD 18.7 million) in Net Profits in 1H2019

Total assets as of June 30, 2019 reached EGP 68.55 billion up 5.26% compared to EGP 65.12 billion by the end of June 2018

NBK-Egypt reports EGP 1.055 billion (KWD 18.7 million) in Net Profits in 1H2019
  • Al-Bahar: NBK-Egypt's record financial results reflect NBK Group's insightful long-term investments strategies in the Egyptian market
  • We aim at expanding our market share through focusing on the retail sector and maintain our leadership in corporate finance
  • NBK Group is working on transferring its Fintech expertise to the Egyptian market through NBK-Egypt as part of the Group’s "digital transformation” strategy
  • Improved indicators and credit rating are testaments to the Egyptian economy’s solid growth, thanks to its economic reform program
  • Al-Tayeb: NBK-Egypt demonstrated solid performance across all financial indicators  
  • Assets grew by 5.26% to EGP 68.55 billion, while customer deposits jumped 19.24% to EGP 56.68 billion
  • NBK-Egypt enjoys a highly diversified portfolio drawing on the strength of the Egyptian economy

NBK-Egypt - a member of NBK Group – reported EGP 1.055 billion in net profits (KWD 18.7 million) for 1H2019 up 6.7% compared to EGP 988.78 million (KWD 16.9 million) for the corresponding period of last year.

Total assets as of June 30, 2019 reached EGP 68.55 billion up 5.26% compared to EGP 65.12 billion by the end of June 2018. Total customers deposits grew by 19.24% for the same period to reach EGP 56.68 billion, compared to EGP 47.54 billion for the corresponding period of last year.  

Ms. Shaikha Al-Bahar, Deputy Group CEO, National Bank of Kuwait and Chairman of NBK-Egypt said that NBK-Egypt's record financial results reflect NBK Group's insightful long-term investments strategies in the Egyptian market. The profit growth in 1H2019, mainly driven by operating income, also reflects the stability of the Egyptian economic environment and its rapid development. 

Al-Bahar highlighted that NBK-Egypt is considered one of the most important branches for the Group, as it contributes about third of the reported profits from the Group’s international branches. She also stressed that the growth witnessed by the Egyptian economy will create new investment and financing opportunities for the bank, which will in turn improve product integration between the bank and the parent group, thus strengthening its position in the Egyptian market.

NBK Group is working on transferring its Fintech expertise to the Egyptian market through NBK-Egypt as part of the Group’s "digital transformation” strategy. This step was reflected positively on the outstanding and unique banking services offered by NBK-Egypt to its customers, thus position us as a pioneering bank in introducing the latest technological solutions”. Shaikha Al-Bahar commented.

Al-Bahar also added that NBK-Egypt aims to further expand its market share in the Egyptian market, confirming that all indicators support the successful implementation of NBK’s strategy focused on the retail sector in addition to corporate finance. “NBK aims to expand and diversify its business scope to increase its geographical footprint and reach more customers throughout all Egyptian governorates”. Al-Bahar added.

Al-Bahar stressed that the Egyptian economy is beginning to reap the benefits of its economic reform program, which the government managed to successfully implement over the past three years. That initiative included a wide array of economic and financial reforms, which led to a substantial improvement in the macroeconomic and financial indicators, as confirmed by the leading international institutions. Most recently, Fitch upgraded Egypt's credit rating to B+ with a stable outlook and Moody's upgraded its credit rating to B2 with a stable outlook.

Meanwhile, Managing Director of NBK-Egypt, Mr. Yasser El-Tayeb highlighted that 1H2019 financial results reflect that NBK-Egypt has continued its growth and solid performance across most financial indicators, supported by the Bank's success in overcoming unfavorable market conditions at the beginning of this year, thanks to the prudent policy adopted by the Bank as a member of NBK Group and its business model based on the diversification of its income and credit portfolio while offering flexible financing solutions and providing innovative  banking products at the same time to cater to its customers actual needs derived through detailed in-depth market studies. This is in addition to the bank's solid financial position, strong balance sheets, successful strategy and the experienced and accomplished team that brings comprehensive banking knowledge and expertise.  

El-Tayeb added that most of NBK-Egypt’s profits are driven by corporate credit services, with a highly diversified portfolio drawing on the diversification of the Egyptian economy itself. He also highlighted that NBK strives to strengthen its position in retail banking as well over the coming period and that it has made huge strides in presenting innovative services and products to its retail clients to fulfill the needs and requirements of various segments.   

He further added that NBK-Egypt has a wide network of 50 branches spread over premium locations in various Egyptian governorates and cities including: Cairo, Giza, Alexandria, Delta, Sinai, Red Sea and Upper Egypt, in addition to the industrial zones in 6th of October and 10th of Ramadan cities. The bank is also privileged to be among the elite banks within the Egyptian market that hold an Islamic banking license in addition to its conventional licensing. It has two Islamic branches, one in Cairo and the other in Alexandria, thus enabling the bank to offer a comprehensive selection of Sharia compliant products and services in addition to its traditional offerings.

Moreover, NBK-Egypt has a wide network of ATMs spread across the country to service the bank’s clients around the clock. NBK- Egypt also provides a range of e-services that provide its clients with unique banking experiences, enabling them to execute many of their banking transactions anywhere anytime without having to visit the branch.

 National Bank of Kuwait was incorporated in 1952 as the first local bank and the first shareholding company in Kuwait and the Gulf region. NBK continues to enjoy collectively one of 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. The Bank’s ratings are supported by its strong financial indicators, asset quality, high capitalization in addition to its highly recognized and very stable management team, as well as strategic vision and stable funding base. NBK was also named among Global Finance’s list of the 50 safest banks in the world for the thirteenth consecutive time. NBK enjoys the widest banking presence with a local and international network exceeding over 150 branches and subsidiaries reaching 4 continents. NBK’s international presence spans many of the world’s leading financial centers including the United States of America, Europe, GCC, the Middle East, China as well as Singapore.

-Ends-

For more info, please contact Head Of Media Relations Ms. Safa’a Al Matari:
Tel: 22592789
Email 1: SafaELMatari@nbk.com;  
Mobile: 97660001
Email 2: NBKMediaRelations@nbk.com 

© Press Release 2019

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