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    Dear Customer, please note that NBK - Egypt will never contact you to request any personal or confidential information regarding your accounts or cards. In case this happens, please call the Call Center immediately at 19336.


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Egypt: NBK - Egypt Signs a New Cooperation Protocol with Magdi Yacoub Heart Foundation


As part of its CSR and its commitment to expand its charitable contributions and projects in the Egyptian society year after another, National Bank of Kuwait (NBK)-Egypt has signed a new cooperation protocol for the second time with Magdi Yacoub Heart Foundation under which the Bank provides financial support for the project of building Magdi Yacoub International Heart Center, which will be located in 6th of October City.

On this occasion, Mr. Yasser El-Tayeb NBK - Egypt Vice Chairman, Managing Director & CEO said: “NBK’s provision of this new support to Magdi Yacoub Foundation comes within its CSR and its commitment to play a consistent role in serving the society by making donations and contributions to many non-profit organizations, which aim to develop and society and people at all levels, acting as the executive arm of the Bank’s development efforts. Magdi Yacoub Heart Foundation is a unique medical edifice that follows the latest methods and technologies in the field of heart diseases and research and provides treatment to all groups of people free of charge. It is a true example of trustworthy organizations that we are assured to cooperate with in order to achieve this noble goal in healthcare area, which is one of the key priorities for us and for the whole NBK Group in line with its CSR.

El-Tayeb added: “CSR is one of the key pillars of NBK - Egypt to achieve sustainable development, which aims to contribute effectively to the development of local communities. It aims to reinforce the Egyptian government’s strides in developing the following pivots:

- Provision of healthcare    - Economic development
- Urban development for the neediest areas  - Provision of educational opportunities

On his part, Mr. Karim Kamal - Head of Supporting Functions and Sustainability at NBK-Egypt sated: “NBK - Egypt has a rich record of leading humanitarian and social initiatives, as it seeks to provide various sorts of support to the segments that need care from the members of society, with the aim of promoting the culture of community service and social responsibility awareness, an approach that is consistently followed and promoted by the Bank. This new protocol signed with the Magdi Yacoub Heart Foundation is a continuation of the close cooperation and successful partnership between the Bank and the Foundation, which began in 2018.”

Meanwhile, Mrs. Rania Afifi – Head of CSR at NBK-Egypt mentioned: “NBK-Egypt places the development of the neediest communities and individuals as a top priority in its CSR allocations. Providing healthcare to patients is of the noblest goals, as healthy individuals are the cornerstone of society by being able productive and active contributors to national development and progress

On the other side, Mrs. Dina El-Gazzar, VP for Development and Fundraising at Magdi Yacoub Heart Foundation expressed her appreciation of NBK-Egypt’s ongoing support of the efforts to establish the Foundation’s new center in Cairo, to increase the number of beneficiaries and spread knowledge for doctors and nursing staff in Egypt and the region. She hoped that cooperation with the Bank continues during the coming period until the new center is completed and starts providing its services to citizens as soon as possible.

It is worth mentioning that NBK-Egypt now has a network of 54 branches strategically located across the different governorates and cities in Egypt including Cairo, Giza, Alexandria, Delta, Sinai, Red Sea, Port Said, Upper Egypt, and the industrial areas in the 6th of October and the 10th of Ramadan Cities. The bank is also privileged to be among the banks providing Islamic products, in conjunction to conventional products, through its dedicated Islamic banking branches. Additionally, it has a large ATM network across the key locations of the country to service its customers around the clock.


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.