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Egypt: NBK – Egypt reports EGP 510 million (KD 8.9 million) net profits in 1Q 2019 growing by 2.6% YoY

15.05.2019

NBK-Egypt - a member of NBK Group – reported EGP 510 million (KD 8.9 million) net profits in 1Q 2019 up 2.6% y-o-y, compared to EGP 497 million (KD 8.5 million) in the corresponding period of last year.

Total assets reached EGP 70.37 billion as of March 31, 2019, up 18.25% compared to EGP 59.51 billion at the end of 1Q2018. Total customers deposits grew by 20.56% to reach EGP 53.07 billion, compared to EGP 44.02 billion in 1Q2018. While customer loans and advances reached EGP 37.68 billion in 1Q2019, growing by 5.34% compared to EGP 35.77 billion in 1Q2018. 

“NBK-Egypt is one of the most important branches for the Group as it plays a vital role in achieving our income diversification strategy through increasing the contribution of international operations to net profits. The branch provides almost third of the profits attributed to international branches, thus further validating our long-term visionary investment approach in the Egyptian market”. Isam Jassim Al-Sager, NBK’s Group Chief Executive Officer and NBK-Egypt Chairman said.

Al-Sager pointed out that NBK-Egypt’s outstanding profits and the growth it managed to achieve across all its financial indicators reinforce the Group’s confidence in the Egyptian market, especially that the banks’ profits are mostly operational, reflecting the improved business environment and the stability of the economic scene in Egypt. 

Al-Sager added that NBK-Egypt aims to further expand its market share in the fast -growing retail sector by focusing on providing outstanding banking services while marinating its leading position in the corporate sector through its focus on financing SMEs in order to diversify the bank's credit portfolio. NBK Group is also working on transferring its Fintech expertise to the Egyptian market through NBK-Egypt as part of the Group’s "digital transformation” strategy.

Al-Sager highlighted that in light of the strong 1Q2019 financial results, NBK-Egypt has continued its growth and solid performance across all financial indicators, supported by the Bank's success in overcoming unfavorable market conditions at the beginning of the 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 and the experienced and accomplished team that brings comprehensive banking knowledge and extensive experience. 

Al-Sager 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, in addition to a wide network of ATMs spread across the country to service the bank’s clients around the clock. Moreover, NBK- Egypt also provides a range of e-services and aims to heavily invest in such technologies to expand its footprint and provide its clients with unique banking experiences that allow 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 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 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.



Egypt: NBK-Egypt reports EGP 2.169 billion (KWD 39.6 million) in Net Profits in FY2019

11.02.2020

NBK-Egypt - a member of NBK Group – reported EGP 2.169 billion in net profits (KWD 39.6 million) by the end of 2019 up 8.31% compared to EGP 2.002 billion in 2018 (KWD 34.2 million).

Customer loans and facilities to customers stood at EGP 31.55 billion up by 5.40% compared to EGP 29.93 billion by the end of 30 September 2019.

Total customers deposits grew   to reach EGP 51.57 billion, whereas Owners’ Equity grew by 6.31% to EGP 8.01 billion compared to EGP 7.54 billion by the end of September 2019. 

Net Interest Income stood at EGP 3.09 billion, up by 11.53% compared to EGP 2.77 billion in 2018. Meanwhile, Net Operating Income increased by 9.01% as it jumped to EGP 3.77 billion compared to 3.46 billion in 2018.

Return on Average Assets (ROA) increased by 0.13% as it stood at 3.15% compared to 3.02% by the end of December 2018, while Investment Income grow by 31.83% to reach EGP 21.95 billion by the end of 2019, up from EGP 16.65 billion by the end of September 2019.

Ms. Shaikha Al-Bahar,  Deputy Group CEO, National Bank of Kuwait and Chairman of NBK-Egypt, said that NBK – Egypt’s  outstanding financial performance  over the years is a strong testament to NBK Group’s insightful vision and great trust in the Egyptian market’s rapid growth and huge potential it offers over the past 12 years.

Al-Bahar highlighted that NBK-Egypt is considered one of the main markets where NBK strives to expand its activities. Most recently NBK Group has developed a strategy targeting the Egyptian retail sector to capitalize on the economic reforms which resulted in the restoration of confidence in the Egyptian market.

“NBK- Egypt successfully managed to leave a remarkable footprint in the Egyptian banking sector, as one of the fastest growing banks in the market.

The bank’s leading position is reflected in its financial indicators which strongly affirm the great strides it managed to achieve in expanding its market share and in maintaining its leading position”. Al-Bahar said.

Al-Bahar confirmed that NBK is currently striving to expand its market share in Egypt as it seeks to strengthen its growth and product integration as part of its diversification strategy  as it continues to increase the diversity of its income across geographies and segments, adding that NBK-Egypt provides almost third of the profits attributed to NBK Group’s international branches.

“NBK-Egypt aims to further develop its banking offerings and enhance their quality to cater to the growing demand. We are also interested in supporting the private sector by increasing SMEs credit portfolio, in addition to expanding and diversifying the scope of the bank's operations to increase its geographical footprint and reach more customers”. Al-Bahar concluded.  

Meanwhile, Managing Director of NBK-Egypt, Mr. Yasser El-Tayeb highlighted that 2019  financial results reflect NBK-Egypt’s continued growth and its solid performance across most financial indicators, 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 to cater to its customers’ needs.

“NBK-Egypt’s financial results reflect its solid financial position, strong balance sheets, successful strategy and the experienced and accomplished team enriched with comprehensive banking knowledge and expertise”. Al-Tayeb said. 

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, as the bank expands its reach to cater to SMEs in addition to mega corporations.

He also highlighted that NBK strives to further strengthen its position in retail banking over the coming period through offering innovative services and products to its retail clients and ingrain the concept of “one stop shop”, as the bank of choice that is able to fulfill all their financial needs and requirements.  

Speaking of Corporate Social Responsibility (CSR), Al-Tayeb confirmed that since NBK Group entered the Egyptian market in 2007, it has always maintained an active role in serving the local community through introducing various CSR initiatives and contributing to the great causes of various charitable and nonprofit  organizations that have a great role in developing the society and leave a great impact on people throughout various fields.

CSR is an integral part of NBK’s culture as it strives to achieve sustainability and positively contribute to society.  To that end, NBK-Egypt has aligned its CSR goals with UN Sustainable Development Goals (SDG) and Egypt Vision 2030 through adopting a new CSR strategy aimed to support the Egyptian endeavor in developing the following pillars:

1. Economic Development;
2. Urban development of poor areas;
3. education;
4. Healthcare.

Al-Tayeb indicated that NBK-Egypt always strives to enhance its developmental role through  adopting the latest initiatives promoted by the Egyptian government, in addition to initiating  partnerships with the most active and credible community members to join forces with the bank as the operational arm in bringing its development strategy to life.

He further added that NBK-Egypt has a wide network of 52 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 fourteenth 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.