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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 Reports EGP 7.3 billion (Equivalent to KWD 51.9 million) in Net Profit in FY2024

National Bank of Kuwait - Egypt (NBK-Egypt) reported net profits of EGP 7.3 billion (Equivalent to KWD 51.9 million ) for the financial year  2024 compared to EGP 4.021 billion (Equivalent to KWD 41.4 million) reported in 2023 marking an impressive 81% increase compared to financial year 2023.

Net Operating Income stood at EGP 13.5 billion by the end of FY2024, recording a substantial increase of 57% from EGP 8.7 billion recorded by the end of FY2023. In the meantime, Net Interest Income grew by 66%, reaching EGP 11.6 billion compared to EGP 7 billion in FY2023.

Meanwhile, Net Operating Income (excluding interests) increased to EGP 1.9 billion in FY2024, compared to EGP 1.7 billion in FY2023, up by 17%, while Cost to Net Operating Income dropped from 28% in FY2023 to 21.2% in FY2024.

Total assets reached EGP 196 billion by the end of FY2024, up by 50% compared to EGP 131 billion by the end of FY2023. Furthermore, total loans and credit facilities expanded to EGP 104 billion in FY2024, reflecting a growth rate of 37% compared to EGP 76 billion recorded at the end of FY2023.  Additionally, customer deposits increased to EGP 160 billion by the end of FY2024, up from EGP 106 billion at the end of FY2023, representing a growth rate of 51%.

Furthermore, the Return on Average Assets (ROAA) improved to 4.5% by the end of FY2024, compared to 3.4% by the end of FY2023, while the Return on Average Equity (ROAE) increased to 39.2% in FY2024, up from 30.7% in FY2023.

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: “NBK-Egypt delivered record profits in 2024, underscoring the success of its operational strategy and reaffirming its trajectory toward further strengthening its position in the Egyptian market. As NBK Group’s most significant market outside Kuwait, Egypt holds substantial growth potential, driven by its promising opportunities and positive economic outlook.”

Al-Bahar highlighted that NBK’s operations in Egypt are among the group’s most profitable, delivering the highest returns on equity and assets.

Al-Bahar emphasized that the sustained expansion of the balance sheet and the growth of the bank's financial indicators reaffirm the success of its business diversification strategy and accelerated digital transformation. This approach aims to strengthen market share, particularly in retail banking, within the region’s most populous country and a key hub for investment opportunities.

“We are committed to enhancing service quality, expanding our geographical presence, and reaching a more diverse customer base. This progress is driven by the significant advancements in our digital infrastructure, information technology, and alternative electronic channels, which have positioned the bank as a strong competitor with a distinct presence in the Egyptian banking sector. This comes amid the rising demand for banking services and the increasing momentum of financial inclusion,” Al-Bahar stated.

“Egypt is a key growth market for NBK Group and a long-term strategic investment, where the Group remains committed to reinforcing its presence and strengthening its position,” Al-Bahar confirmed.

Meanwhile, Vice Chairman, CEO, and Managing Director of National Bank of Kuwait-Egypt, Mr. Yasser El-Tayeb, said: “The bank's strong financial performance at the end of 2024 surpassed expectations and targets, despite challenges and exceptional circumstances affecting the business environment both locally and globally. This achievement underscores the bank’s resilience and prudent business model, reinforcing its ability to sustain success and growth.”

Al-Tayeb emphasized that the bank’s growth is balanced across all business activities, ensuring efficiency and a risk profile aligned with sustainable expansion. This success is driven by a prudent strategy that meets the evolving needs of both corporate and individual clients while diversifying income streams.

Al-Tayeb noted that the bank’s income sources stem from credit operations in the corporate sector, alongside a rapidly expanding retail banking segment, which has grown significantly in recent years. The bank’s credit portfolio reflects a diverse client base, encompassing large, medium, and small enterprises, while its retail banking portfolio serves a broad spectrum of customers. This diversity underscores the strength and stability of the bank’s revenue streams. He further emphasized the bank’s commitment to strengthening its position in retail banking by introducing more advanced services and products tailored to meet customers' evolving financial needs and aspirations.

El-Tayeb further emphasized NBK-Egypt’s commitment to supporting the global shift toward sustainable finance and the transition to a green economy. The bank actively backs environmentally friendly projects that promote sustainability and increased reliance on renewable energy while exploring solutions to mitigate climate change and reduce carbon emissions. He highlighted that sustainable finance has become a vital tool for ensuring long-term financial stability and resilience.

He also affirmed the bank’s strong commitment to leveraging technology and digital channels to enhance its competitive edge in the banking sector. Recognizing their pivotal role, NBK-Egypt continues to expand its electronic services and encourage broader customer adoption of digital payments. This aligns with the broader strategy of the Egyptian government and the Central Bank of Egypt to promote financial inclusion, integrate new customer segments into the formal banking system, and drive the transition toward a less cash-dependent economy.

El-Tayeb concluded by highlighting NBK-Egypt’s steadfast commitment to social responsibility, emphasizing that since the Group’s entry into the Egyptian market in 2007, the bank has actively supported the local community. Through partnerships with reputable civil society organizations, NBK-Egypt channels its development efforts toward impactful initiatives, reinforcing its role as a responsible corporate citizen. Social responsibility remains a cornerstone of the bank’s sustainability strategy, contributing to national development across key areas, including:

• Healthcare provision

• Education and employment support

• Environmental conservation

• Social solidarity

• Development of underserved areas

• Economic development