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Egypt: NBK-Egypt reports EGP 5.2 billion in net profit by the end of 3Q2024

National Bank of Kuwait - Egypt (NBK-Egypt) has reported net profits of EGP 5.2 billion for the first nine months of 2024, a significant increase from the EGP 2.6 billion reported in the corresponding period of 2023, showcasing an impressive growth rate of 101%.

Net Operating Income stood at EGP 9.7 billion, recording a substantial increase of 57% from EGP 6.2 billion recorded in the corresponding period of 2023. In the meantime, Net Interest Income grew by 65%, reaching EGP 8.2 billion compared to EGP 5 billion in 9M2023.

Meanwhile, Net Operating Income (excluding interests) increased to EGP 1.4 billion in 9M2024, compared to EGP 1.2 million in 9M2023, up 23%, while Cost to Net Operating Income dropped from 32% in 9M2023 to 22% in 9M2024.

Total assets reached EGP 181.9 billion by the end of the third quarter of 2024, up by39% compared to EGP 130.6 billion by the end of 2023. Furthermore, total loans and credit facilities expanded to EGP 98.1 billion by the end of 3Q2024, reflecting a growth rate of 29% compared to EGP 76.1 billion recorded at the end of 2023. Additionally, customer deposits increased to EGP 147.2 billion by the end of 3Q2024, up from EGP 105.9 billion at the end of 2023, representing a growth rate of 39%. Furthermore, The Return on Average Assets (ROAA) improved to 4% in September 2024, compared to 3% in the corresponding period of 2023, while the Return on Average Equity (ROAE) increased to 40% in 3Q2024, up from 28% in the corresponding period of 2023.

Commenting on the financial results announced by NBK-Egypt, Ms. Shaikha Al-Bahar, Deputy Group Chief Executive Officer, National Bank of Kuwait, and Chairman of NBK-Egypt, said: “The robust growth in NBK-Egypt's profits and financial performance by the end of 3Q2024 underscores the strength of the bank's financial position and the resilience of its profit-generating business model, even amid operational challenges. Since its debut in the Egyptian market in 2007, NBK Group has consistently demonstrated its confidence in the significant opportunities and untapped potential this dynamic market offers”.

Al-Bahar highlighted the Egyptian market's strategic importance to NBK Group, emphasizing its position as a cornerstone of the Group's long-term investment strategy. Egypt is considered the second domestic market for the Group and hosts NBK's largest Kuwaiti investment outside Kuwait. 

The bank has established a strong presence in the Egyptian banking sector as one of the fastest-growing institutions in the market. NBK-Egypt's operations are among the Group's most profitable, consistently delivering high returns on equity. All financial indicators point to continued success, with the bank positioned for further expansion and increased market share. Al-Bahar also noted NBK's significant focus on enhancing retail banking services in Egypt, the most populous market in the region.

"We are committed to enhancing service quality, expanding our geographical reach, and engaging with a broader and more diverse customer base. This strategy leverages the substantial advancements the bank has achieved in digital infrastructure, information technology, and electronic channels, which have experienced remarkable growth. These developments have positioned the bank as a strong competitor in the Egyptian banking sector, particularly amidst the growing demand for banking services and the rising rates of financial inclusion," Al-Bahar added.

Meanwhile, Vice Chairman, CEO, and Managing Director of National Bank of Kuwait-Egypt, Mr. Yasser El-Tayeb, said: “Despite the exceptional challenges faced by the business community both locally and globally, the bank's financial performance at the end of the third quarter of 2024 underscores its resilience and capacity for growth. Strong financial figures and indicators highlight the bank's ability to achieve solid results, reflecting the effectiveness of its business model and strategic direction”.

El-Tayeb emphasized that NBK-Egypt's business growth reflects a balanced expansion across all operations, underpinned by maintaining efficiency and risk ratios aligned with both growth objectives and long-term sustainability. This achievement stems from the bank's prudent strategies and a well-considered business model designed to adapt with agility to customer needs while ensuring operational resilience.

El-Tayeb highlighted that NBK-Egypt's income sources are predominantly driven by credit operations in the corporate sector, complemented by the substantial growth of the retail banking sector, particularly in recent years. The bank's credit portfolio demonstrates a significant diversity, catering to a wide range of companies, including large, medium, and small enterprises. Additionally, the retail banking portfolio encompasses various customer segments, reflecting the robustness and diversity of the bank's revenue streams. This diversity underscores the organization’s strategic strength and its ability to sustain growth across multiple sectors.

Furthermore, he emphasized that the bank is focused on further strengthening its position in the retail banking sector by offering advanced services and products tailored to diverse customer segments. The goal is to establish the bank as a comprehensive financial institution that not only meets all customers' financial needs but also offers a range of services that enhance their connection to the bank, supporting their work and lifestyle both within Egypt and abroad. This vision is bolstered by NBK Group's extensive regional and global presence, operating in 13 countries worldwide, which enables the bank to offer a robust and internationally connected banking experience.

El-Tayeb also stated that the bank recognizes the crucial role of technology and electronic channels in the banking sector, understanding their importance in enhancing competitive advantage, stating that: “With this in mind, we have prioritized a strong push to expand our electronic banking services, investing significantly in this field. Our aim is to provide customers with a unique banking experience that enables them to complete most banking transactions wherever they are, whenever they want. Additionally, we are actively encouraging customers to increase their use of electronic payment methods, aligning with the broader national strategy and the policies of the Central Bank of Egypt.”

El-Tayeb concluded by emphasizing that NBK-Egypt is committed to supporting the global shift towards sustainable finance and the transition to a green economy. The bank actively supports environmentally friendly projects that promote sustainability and increasingly rely on renewable energy sources. Additionally, the bank is exploring solutions to mitigate the negative effects of climate change and reduce carbon emissions. Sustainable finance, he noted, has become one of the most critical tools for ensuring long-term financial stability.

Egypt: NBK - Egypt Collaborates with Visa to Develop Innovative Digital Payment Solutions

In line with the strategy of National Bank of Kuwait – Egypt and its continuous efforts to develop its products and services for customers, especially in electronic payment solutions and enhancing digital banking experiences, the bank announced collaboration with Visa, a world leader in digital payments. 

The agreement was signed by Mr. Ahmed Youssef, Head of Consumer Banking, Digital Banking and Financial Inclusion at NBK-Egypt, and Ms. Malak El Baba, Vice President and Country Manager for Egypt at Visa, in the presence of Mr. Yasser ElTayeb, Vice Chairman, Managing Director and CEO,and Mr. Amr El Alfy, Chief Business Officer, along with senior executives from the bank and Visa. 

On this occasion, Mr. Yasser ElTayeb said, "This partnership comes in continuation of the bank's efforts to expand and develop digital payment services by providing a range of high-quality products and solutions to our customers." He added that this initiative aims to encourage customers to use Visa payment cards for their financial transactions instead of traditional payment methods, supporting the State's and the Central Bank of Egypt's policies towards transitioning to a digital economy and reducing reliance on cash, as part of the sustainable development strategy within Egypt's Vision 2030. 

On the other hand, Ms. Malak El Baba stated, “Our partnership with National Bank of Kuwait – Egypt marks a significant step forward in our shared path towards excellence in financial innovation and elevating customer experiences. By integrating cutting-edge technology with our expansive global network, and leveraging the bank's dedication and know-how, we aim to redefine the benchmarks in the digital banking and payment solutions landscape. We are thrilled about the opportunities this partnership presents and are committed to jointly be at the forefront of the digital revolution in the banking industry.”

Commenting on the collaboration, Mr. Amr El Alfy said, "We are delighted with our collaboration with Visa. This partnership will enable us to set a new standard in providing a range of advanced digital banking products and services to our customers. We recognize the vital role of technology and innovation in enhancing our competitive advantage, and we believe this collaboration is an opportunity to solidify our concept of a comprehensive bank for our customers and support our expansion strategy in the Egyptian banking market in the coming period." 

On his part, Mr. Ahmed Youssef said, that this collaboration would allow the bank to leverage Visa's advanced technology and extensive network to provide seamless, secure, and convenient payment experiences that meet the needs and expectations of different customer segments and enhance the added value for Visa cardholders. 

Egypt: NBK - Egypt Grants EDECS $93 Million Funding For Container Terminal Development at Ain Sokhna Port

In line with the role of the Egyptian banking sector in the country’s economic development, National Bank of Kuwait – Egypt has granted EDECS International Engineering and Contracting Company credit facilities totaling $93 million. This funding is intended to support the development of the superstructure and the infrastructure of the container terminals at Ain Sokhna Port, commissioned by the Red Sea Containers Terminals Company. 

The contract was signed by Mr. Amr El-Alfy, Chief Business Officer of National Bank of Kuwait – Egypt, and Mr. Hussein El-Dessouky, Chairman and Managing Director of EDECS, in the presence of Mr. Yasser El-Tayeb, Vice Chairman, CEO, and Managing Director, along with senior management and executives from both the bank and EDECS.

Supporting the State’s Plans

On this occasion, Mr. Yasser El-Tayeb, Vice Chairman, CEO, and Managing Director of National Bank of Kuwait – Egypt, stated that the bank’s participation in funding this major project reflects the Egyptian banking sector’s role in national economic development, and aligns with its strategy to support the State’s plans for financing large national projects. Ports are among the most important of these projects, as they stimulate foreign trade activity, reinforce Egypt’s status as a key logistical hub in the Red Sea, and positively impact the national GDP and economic growth. Ports are vital to the economic and national security of any country. 

Mr. El-Tayeb emphasized that the bank’s successful arrangement of such a significant facility reflects its readiness and capability to finance large-scale projects that support the State’s development plans, drive production, create jobs, and contribute to achieving Egypt’s Vision 2030. 

Clear Strategy

Mr. Amr El-Alfy, Chief Business Officer of National Bank of Kuwait – Egypt, noted that NBK – Egypt has pursued a clear strategy for several years to support and finance major projects, infrastructure, and sustainable development that assist the State’s future plans for progress and prosperity for all Egyptians. Providing this financing to EDECS exemplifies this strategy, as the project will significantly increase Ain Sokhna Port’s capacity by 1.6 million TEUs annually, positioning it as a leading seaport in Egypt. 

Mr. El-Alfy further noted that this substantial financing confirms the bank’s confidence in the project’s feasibility and the executing company, which is one of the leading contracting firms in Egypt. This is not the first large-scale project financed by the bank; previous projects include expansions at Damietta Port, the multi-purpose terminal "Tahya Misr" at Alexandria Port, Abu Qir Port, and the Max Port breakwaters, along with other infrastructure projects in electricity, energy, and roads. The bank is also studying several other major projects for future funding.

Strategic Partnership

On his part, Mr. Hussein El-Dessouky, Chairman and Managing Director of EDECS, stated that the strategic partnership between EDECS and the National Bank of Kuwait – Egypt for the Sokhna Port container terminals project is not just a financing operation but a testament to the solid trust in the Company’s technical and financial capabilities. This financing marks the beginning of a strategic partnership that will continue for many future projects in Egypt and the region.

Mr. El-Dessouky, added that this ambitious project aligns with the Egyptian Ministry of Transport’s vision to transform Egypt into a global trade hub, reinforcing its status as a regional economic power. The project is more than just constructing a new port; it is a gateway to a more prosperous and interconnected future, in line with Egypt’s vision. 

“EDECS, with over three decades of experience in marine construction and infrastructure projects, is committed to delivering the highest standards of quality, safety, and technology, ensuring that this terminal sets a benchmark for efficiency and sustainability. This project will be a milestone in the economic development of Egypt and the Middle East, building a brighter future for future generations,” he concluded.

Egypt: NBK-Egypt and Mastercard Collaborate to Advance Digital Banking Experiences

The National Bank of Kuwait – Egypt (NBK), has collaborated with Mastercard to provide payment solutions and advance the bank’s digital banking experiences to its customers.

This initiative aligns with the bank’s strategy and ongoing efforts to enhance its products offering and services.

On this occasion, Mr. Amr El-Alfy, Chief Business Officer at the National Bank of Kuwait - Egypt stated: “This partnership builds on the National Bank of Kuwait - Egypt’s efforts to develop its digital payments services by providing a suite of high-quality products and solutions to our customers.”

He added that the collaboration aims to encourage customers to use Mastercard payment cards for their financial transactions as an alternative to cash payments. The later supports the country and the Central Bank of Egypt's directions towards a less cash-dependent society and transitioning to a digital economy as one of the goals of the sustainable development strategy under Egypt's Vision 2030.

Ms. Inji Borai, Country Manager, Egypt, Mastercard, commented: “Our collaboration with the National Bank of Kuwait – Egypt represents a new milestone in our shared journey towards pioneering financial innovation and enhancing customer experiences. By combining our advanced technology and extensive network with NBK’s commitment to excellence, we aim to set new standards in digital banking and payment solutions that cater to the evolving needs of consumers and businesses. We are excited about the possibilities this collaboration brings and look forward to driving transformative change in the banking sector together.”

Commenting on the collaboration, Mr. Ahmed Youssif, Head of Consumer Banking , Digital Banking and Financial Inclusion the National Bank of Kuwait – Egypt, said: “We are delighted to partner with Mastercard and set a unique benchmark by offering a range of high-end and advanced digital banking products and services for our customers. As we recognize the significant role of technology and innovation in enhancing our competitive advantage, this collaboration enables us to solidify the concept of a one-stop bank for our customers, and build on our expansion strategy in the Egyptian market in the coming period.”

This collaboration empowers the National Bank of Kuwait – Egypt with Mastercard’s cutting edge technology and extensive network to provide seamless, secure, and convenient payment experiences that cater to diverse customer needs while elevating benefits for Mastercard cardholders. The partnership was celebrated in a ceremony attended by Mr. Amr El-Alfy, Chief Business Officer at the bank, along with several heads of departments and executive members from both National Bank of Kuwait – Egypt and Mastercard.
 

Egypt: NBK-Egypt reports EGP 1.28 billion (KD 11.71 million) in net profit in 1Q2024

National Bank of Kuwait - Egypt (NBK-Egypt) has announced net profits of EGP 1.28 billion (KD 11.71 million) for the first quarter of 2024, a significant increase from the EGP 652 million (KD 6.88 million) reported in the first quarter of 2023, showcasing an impressive growth rate of 96.32%.

Net Operating Income stood at EGP 2.75 billion, recording a substantial increase of 48.6% from EGP 1.85 billion recorded in the corresponding period of 2023. In the meantime, Net Interest Income grew by 53.9%, reaching EGP 2.37 billion compared to EGP 1.54 billion in 1Q2023.

On the other hand, Net Operating Income (excluding interests) increased to EGP 382.67 million in 1Q2024, compared to EGP 321.64 million in 1Q2023, up by 18.97%, while Cost to Net Operating Income dropped from 37.51% in 1Q2023 to 26.15% in 1Q2024.

Total assets reached EGP 155.56 billion in 1Q2024, up by 19.10% compared to the year-end balance of EGP 130.61 billion in 2023. Furthermore, the net balance of loans and credit facilities expanded to EGP 86.14 billion in 1Q2024, reflecting a growth rate of 13.25% compared to EGP 70.06 billion recorded at the end of 2023, including a 45.5% increase recorded by the loans and credit facilities in foreign currencies on the back of the appreciation of foreign currencies against the Egyptian pound.

Meanwhile, customer deposits grew by 19.64% to reach EGP 126.73 billion in 1Q2024, compared to EGP 105.93 billion by the end of 2023. This includes a 52.1% rise in the balance of customer deposits in foreign currencies, influenced by the appreciation of the exchange rate and higher return rates on deposits.  The Return on Average Assets (ROAA) rose from 2.5% in 1Q2023 to 3.6% in 1Q2024, while the Return on Average Equity (ROAE) increased from 23.7% in 1Q2023 to 33.6% in 1Q2024.

Commenting on the financial results announced by NBK-Egypt, Ms. Shaikha Al-Bahar, Deputy Group Chief Executive Officer, National Bank of Kuwait, and Chairman of NBK-Egypt, said: “In the first quarter of 2024, National Bank of Kuwait - Egypt continued to achieve strong operating performance across its main business sectors, despite the challenging macroeconomic landscape.”

Al-Bahar stated that Egypt remains one of the most prominent strategic markets for the growth of the Group's business, consistently regarded as its second local market. The bank, as the largest Kuwaiti investment on Egyptian soil, has established a significant presence as one of the fastest-growing banks within the Egyptian banking sector. This growth is reflected in the financial indicators and record business results achieved by NBK-Egypt, particularly in recent years.

Al-Bahar emphasized that the continued expansion of the balance sheet and the growth of all financial indicators affirm the success of the bank's business diversification strategy and its accelerated digital transformation efforts. This strategy aims to increase the bank's market share, particularly in retail banking services, in the region's largest market by population.

"We are committed to enhancing the quality of our services, expanding our geographical footprint, and reaching a more diverse customer base. This is made possible by the significant advancements in our digital infrastructure, information technology, and electronic channels. These developments have positioned NBK-Egypt as a strong competitor in the Egyptian banking market, especially amidst the rising demand for banking services and the growing rates of financial inclusion," Al-Bahar added.

Meanwhile, Vice Chairman, CEO, and Managing Director of National Bank of Kuwait-Egypt, Mr. Yasser El-Tayeb, said: “The strength of the bank's business results, which have exceeded all expectations and targets for this period of the year, reflects the resilience and adaptability of our business model. This growth continues despite the exceptional market challenges we face locally, regionally, and globally.”

El-Tayeb emphasized that NBK-Egypt is experiencing balanced growth across all activities and business sectors while maintaining efficiency rates and risk ratios that align with this expansion. This approach ensures business sustainability and customer satisfaction alike, thanks to the bank's prudent policies and its robust business model capable of meeting customer needs and diversifying income sources. This balanced growth is evident in the bank’s diverse credit operations within the corporate sector, which includes large, medium, and small enterprises.

 Additionally, the retail banking sector has seen significant growth, with NBK-Egypt continually strengthening its position through advanced services and products tailored to various customer segments and lifestyles. This comprehensive approach establishes NBK-Egypt as a “one-stop-shop” that meets all financial needs. Furthermore, the bank is committed to its horizontal expansion plan, opening new branches to cover key cities and governorates across Egypt.

"We strive to support the global trend towards sustainable finance and the transition to a green economy," he added. "Our focus is on backing environmentally friendly projects that achieve sustainability and increasingly rely on renewable energy. We are also committed to exploring available solutions to mitigate the negative effects of climate change and reduce carbon emissions. Sustainable finance has become one of the most crucial tools for supporting and maintaining long-term financial stability,” Al-Tayeb added.

“Recognizing the significance of technology and electronic channels in the banking sector and their substantial role in bolstering competitive advantage among banks, we have consistently reinforced our electronic services," El-Tayeb emphasized. "We actively encourage customers to broaden their usage of these services for payments, aligning with the overarching policy of the state and the Central Bank of Egypt. This initiative aims to foster financial inclusion and integrate new customer segments into the official banking system, contributing to the shift towards a less cash-dependent society.”
 

Egypt: NBK-Egypt reports EGP 4.021 billion (Equivalent to KWD 41.4 million) in net profit in FY2023

National Bank of Kuwait - Egypt (NBK-Egypt) has announced net profits of EGP 4.021 billion (Equivalent to KWD 41.4 million) for the financial year 2023, a significant increase from the EGP 1.826 billion (Equivalent to KWD 30.7 million) reported in 2022, showcasing an impressive annual growth rate of 120.21%.

Net Operating Income stood at EGP 8.66 billion, recording a substantial increase of 87.04% from the EGP 4.63 billion recorded in 2022. In the meantime, Net Interest Income jumped by 82.51%, reaching EGP 6.99 billion compared to EGP 3.83 billion in 2022.

On the other hand, Net Operating Income (excluding interests) increased to EGP 1.67 billion in 2023, compared to EGP 0.8 billion in 2022, up by 108.75%, while Cost to Net Operating Income dropped from 37.14% in 2022 to 28.02% in 2023.

Total assets reached EGP 130.61 billion in 2023, up by 24.22% compared to the year-end balance of EGP 105.14 billion in 2022. Furthermore, the net balance of loans and credit facilities expanded to EGP 76.06 billion 2023, reflecting a growth rate of 38.42% compared to EGP 54.95 billion recorded at the end of 2022. Moreover, customer deposits continued to grow, rising by 25.42% to reach EGP 105.93 billion in 2023, compared to EGP 84.46 billion by the end of 2022.

The Return on Average Assets (ROAA) surged from 2% at the end of 2022 to 3.4% at the end of 2023, while the Return on Average Equity (ROAE) increased from 16.9% at the end of 2022 to 30.7% by the end of 2023.

Commenting on the financial results announced by NBK-Egypt, Ms. Shaikha Al-Bahar, Deputy Group Chief Executive Officer, National Bank of Kuwait, and Chairman of NBK-Egypt, said: “In 2023, NBK- Egypt achieved its highest annual profits to date, accompanied by record growth rates. This success is credited to a strong operational performance, highlighting the resilience of our financial position and the flexibility of our business model, which allows for profit generation despite operational challenges.

“At NBK - Egypt, our objective is to enhance banking transactions and elevate their quality to meet growing market demand. We pursue this goal by focusing on the advancement of our digital services, leveraging the expertise and excellence of the Group in this domain. Additionally, 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.

Al-Bahar emphasized that Egypt stands as one of the key strategic markets for fostering the Group's business growth, consistently regarded as the second domestic market. Being the largest Kuwaiti investment in Egypt, the bank holds a significant presence in the Egyptian banking sector, evident in its rapid growth trajectory and strong financial performance. The Bank's positive momentum underscores its commitment to expanding further and strengthening its market position.

Al-Bahar also highlighted that the Group perceives the Egyptian market as a strategic long-term investment. Given that the Egyptian economy ranks among the largest in the region, it holds substantial growth potential once it regains momentum.

She further emphasized that Egypt represents a significant growth market, and that the Bank is committed to its continuous expansion. The operations in Egypt continue to be among the most profitable within the Group, boasting the highest rates of return on shareholders' equity and assets.

“As geopolitical tensions in the region subside, economic recovery efforts will receive a significant boost. By restoring confidence in the economy and currency, substantial opportunities will emerge. We maintain an optimistic outlook on future prospects, buoyed by the momentum generated from the Egyptian government and the Central Bank of Egypt's reform and exceptional measures,” Al-Bahar confirmed.

Meanwhile, Vice Chairman, CEO, and Managing Director of National Bank of Kuwait-Egypt, Mr. Yasser El-Tayeb, said: “The robust financial results and key indicators serve as the most compelling evidence, showcasing the Bank's capacity to maintain growth and attain favorable business outcomes throughout 2023, notwithstanding the unprecedented challenges faced both locally and globally. These challenges include the aftermath of the Russian-Ukrainian conflict, the Gaza war, import crises, and fluctuations in the foreign exchange rate against the Egyptian pound”.

El-Tayeb emphasized that NBK-Egypt maintains a well-balanced distribution of revenues across diverse business activities. This strategic approach is coupled with efficient operational rates and risk ratios, aligning with the dual objectives of achieving growth and ensuring business sustainability. Credit for this success is attributed to the Bank's prudent policies and a sound business model, demonstrating its capability to meet customer needs.

El-Tayeb further explained that the majority of NBK's income sources in Egypt are derived from credit operations in both the corporate sector and the rapidly expanding retail banking sector. The latter has notably increased in prominence, particularly in recent years, with a very diversified credit portfolio including a wide range of businesses across various sectors ranging from large scale corporations to SMEs. Meanwhile, the retail banking portfolio is also well diversified. This solid position reflects the Bank’s strength and the diversity of its revenue streams. He also highlighted that going forward, NBK-Egypt strives to further strengthen its position in retail banking by offering innovative services and products to its retail customers, in addition to continuing the horizontal growth plan by inaugurating new branches covering key locations throughout the Egyptian market.

Al-Tayeb also emphasized the Bank's firm belief in the pivotal role of technological advancements and electronic channels within the banking sector. Recognizing their significance in bolstering competitive advantages among banks, we, at NBK-Egypt have prioritized a robust expansion of our electronic banking services, making substantial investments in this area. Our ultimate goal is to provide customers with an exceptional banking experience, offering a unique facility that enables them to conduct the majority of their banking transactions conveniently, anywhere, anytime. Furthermore, we aim to encourage customers to utilize electronic means and channels for payments, aligning with the broader policy objectives of the state and the Central Bank of Egypt in this regard.

Furthermore, El-Tayeb highlighted NBK-Egypt's commitment to align its strategies with the global movement towards sustainable finance and the transition to a green economy. The Bank aims to actively support environmentally friendly projects that promote sustainability and the utilization of renewable energy sources to mitigate climate change, since sustainable financing has emerged as a fundamental mechanism and instrument for facilitating and maintaining enduring financial stability.

In terms of the bank's social responsibility, Al-Tayeb highlighted that since NBK Group entered the Egyptian market in 2007, NBK-Egypt has remained dedicated to serving the Egyptian community. This commitment is demonstrated through the support, donations, and contributions extended to numerous charitable organizations. Additionally, the Bank actively collaborates with reputable civil society institutions, establishing partnerships aimed at becoming the operational arm of the Bank's development initiatives.