NBK-Egypt achieves EGP 988.8m in net profits for first half 2018
Total assets grew by 10.37% to EGP 65.12 billion
KUWAIT: NBK-Egypt - a member of NBK Group reported EGP 988.8 billion (Equivalent to KD 16.9 million) in net profits for 1H 2018 up 36.07 percent compared to EGP 726.7 million for 1H2017.
Total assets reached EGP 65.12 billion as of the end of June 2018 up 10.37 percent compared to EGP 59.06 billion for the end of December 2017. Total customers deposits grew by 16.34 percent for the same period to reach EGP 47.54 billion, compared to EGP 40.86 billion for the end of December 2017. While customer loans and advances reached EGP 38.39 billion as of end 1H 2018, growing at 13.20 percent year-on-year, compared to EGP 33.91 billion for the end of December 2017.
Isam Jassim Al-Sager, NBK’s Group Chief Executive Officer and NBK-Egypt Chairman said that the strong growth achieved by NBK-Egypt is a testament to the success of its vision aimed at affirming its position in the Egyptian market, which is one of the main growth markets for NBK Group, given its promising growth opportunities and positive prospects.
Al-Sager pointed out that the strength of NBK-Egypt’s profits stems primarily from being operationally driven by improved business environment, reflecting the stability of the economic scene in Egypt. He indicated that this stability will create new investment and financing opportunities for the bank, which in turn will contribute to improving the level of product integration between NBKEgypt and the Group, thus strengthening its position in the Egyptian market.
Al-Sager confirmed that NBK Group’s investments in Egypt are of strategic and long-term nature. NBK-Egypt is considered one of the most important branches for the Group as the branch provides almost third of the profits attributed to international branches, reflecting NBK Group’s confidence in the Egyptian market and its desire to further expand its presence as part of the Egyptian banking sector.
Solid performance Meanwhile, Managing Director of NBK-Egypt, Dr Yasser Hassan highlighted the bank’s continuous growth and solid performance across all financial indicators driven by its conservative strategy as part 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 financial 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 and stable management.
Dr. Hassan 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 added that the bank strives to strengthen its position in retail banking as well over the coming period.
He further added that NBK-Egypt has a wide network of 45 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. 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 and its disciplined approach to risk management and prudent lending policies. NBK was also named among Global Finance’s list of the 50 safest banks in the world for the twelfth consecutive time. NBK enjoys the widest banking presence with a local and international network of 153 branches reaching 4 continents. NBK’s international presence spans many of the world’s leading financial centers including the United States of America, Europe, GCC, Middle East, China as well as Singapore.
NBK-Egypt’s profits continue to grow: Al-Sager