NBK-Egypt records net profits of EGP 186.6 mln for Q1

Solid results confirm bank’s success in strengthening its position in Egyptian market: Al-Sager Dubai presents ‘plans’ for World Expo 2020

KUWAIT CITY, May 24: National Bank of Kuwait-Egypt (NBK-E) reported net profits of EGP 186.6 million for the first quarter of 2016 compared with EGP 126,3 million for the same period in 2015, growing at 47.7% year-on-year.

Total assets as of end-March 2016 grew 24.7% year-on-year reaching EGP 39 billion compared to EGP 31,3 billion as of end-March 2015, while customer deposits grew by 19.2% during the same period to reach EGP 31 billion compared to EGP 26 billion in 2015.

Isam Al-Sager, Group Chief Executive Officer and NBK-Egypt Chairman, said “The solid growth achieved affirms NBK-Egypt’s successful strategy in betterpositioning 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 41 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 Isam Al-Sager, Group CEO & NBKEgypt Chairman

Yassar Hassan, Managing Director

NBK-Egypt

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. DUBAI, May 24, (AFP): Dubai presented ambitious plans Tuesday for its hosting of the 2020 World Expo, the first in the Middle East, with organisers hoping to attract 25 million visitors.

Representatives of more than 100 countries gathered in the Emirati city for talks on the event, which Dubai won the right to host in 2013.

“For the first time in the history of World Expos, each country will have an individual pavilion, enhancing the ability of nations to showcase themselves,” organisers said in a statement.

The Expo site will cover 438 hectares (1,080 acres) next to Dubai’s smaller second airport, Al-Maktoum International, which opened in 2013.

Panel discussions and workshops were held during the twoday planning meeting aimed at providing potential participants with details on the Expo 2020 plan and highlighting “business opportunities in the UAE for innovation, trade and investment, and knowledge transfer,” the statement said.

The fair will take place from October 2020 to April 2021.