Egypt: NBK Egypt and the Canadian Ambassador to Cairo deliver 100 biogas production units in Minya Governate09.10.2018
National Bank of Kuwait – Egypt (NBK-Egypt) delivered 100 biogas production units in Abu Qurqas, Minya, in cooperation with the Canadian ambassador to Cairo and in the presence of the Governor of Minya.
This initiative is part of the cooperation protocol signed in June 2018 between NBK-Egypt and the International Labor Organization (ILO) at the headquarter of the Ministry of Investment under the auspices of the Minister of Investment and International Cooperation Dr. Sahar Nasr. The project aims at matching Egyptian youth with decent jobs funded by the Canadian International Development Agency (CIDA) and Economic Development Division in Minya Governate.
The Managing Director at NBK – Egypt, Dr. Yasser Hassan said: “The bank highly recognizes the importance of corporate social responsibility. We continue to create new initiatives to develop Egyptian communities. NKB signed a Memorandum of Understanding (MOU) with ILO to carry out the biogas production units in Minya to promote growth and social development as an integral part of NBK’s services provide to the Egyptian community".
Meanwhile, Mr. Jess Dutton, Canada's ambassador to Cairo praised the security and safety of Minya Governorate, stressing that the development efforts adopted by the Egyptian government have spread throughout all villages. During his visit, the ambassador expressed his appreciation to the hospitality and good reception he received from the residents of the eastern village of Sheiba in the center of the mountain on the eastern bank of the River Nile in Abu Qurqas.
Major General Qassim Hussein, governor of Minya, praised the initiative aimed at supporting the bioenergy technology, as well as bringing together various parties from the government side, represented by the Ministry of Investment and International Cooperation, Manpower, the Governorate and the scientific side represented by Minya University in cooperation with the private sector represented by NBK – Egypt, as well as five emerging companies, in addition to the development partners represented by the Canadian Embassy and the International Labor Organization with the participation of the community of Abu Qurqas.
The Governor also praised the efforts of all parties participating towards the success of the project, which aims to support bioenergy technology targeting social and economic development of rural communities.
National Bank of Kuwait – Egypt, a member of NBK Group, was established in 1980 and has a network comprised of 45 branches situated at strategic locations within the various Egyptian governorates and cities, including Cairo, Giza, Alexandria, Delta, Sinai, the Red Sea, and Upper Egypt, as well as industrial cities; including Six of October and Tenth of Ramadan.
NBK-Egypt is also one of the few banks licensed to offer Sharia compliant solutions in addition to the conventional products as it has two Islamic branches.
National Bank of Kuwait was incorporated in 1952 as the first local bank and the first shareholding company in Kuwait and the GCC.
NBK is one of the most prominent Arab banks, and has consistently been awarded the highest credit ratings by the major international rating agencies; Moody’s, S&P and Fitch, attesting to the strength of its financial indicators, asset quality, and solid capitalizing, in addition to the management expertise, clear strategic vision and stable funding base.
NBK was also named among the 50 safest banks in the world for thirteen consecutive times. It also has the widest local and international banking presence, with over 150 branches and subsidiaries, spanning over 4 continents around the world; including USA, Europe, GCC, MENA, China and Singapore.
Egypt: NBK – Egypt achieves EGP 2.002 billion (KD 34.2 million) in net profits for FY201828.02.2019
NBK-Egypt - a member of NBK Group – reported EGP 2.002 billion (equivalent to KD 34.2 million) in net profits for FY2018 up 33.22% compared to EGP 1.503 billion (equivalent to KD 26 million) for FY2017.
Total assets reached EGP 73.50 billion as of the end of 2018 up 24.56% compared to EGP 59.01 billion at the end of 2017. Total customers deposits grew by 30.11% for the year to reach EGP 53.16 billion, compared to EGP 40.86 billion by the end of 2017. While customer loans and facilities to customers reached EGP 38.64 billion as of end FY2018, growing by 13.95% year-on-year, compared to EGP 33.91 billion in 2017.
Isam Jassim Al-Sager, NBK’s Group Chief Executive Officer and NBK-Egypt Chairman said that the strong growth achieved by NBK-Egypt is a testament to the success of its vision aimed at affirming its position in the Egyptian market, which is one of the main growth markets for NBK Group, given its promising growth opportunities and positive prospects.
Mr. Al-Sager pointed out that the strength of NBK-Egypt’s profits stems primarily from being operationally driven by improved business environment, reflecting the stability of the economic scene in Egypt.
He indicated that this stability will create new investment and financing opportunities for the bank, which in turn will contribute to improving the level of product integration between NBK-Egypt and the Group, thus strengthening its position in the Egyptian market.
Al-Sager confirmed that NBK Group's investments in Egypt are of strategic and long-term nature. NBK-Egypt is considered one of the most important branches for the Group as the branch provides almost third of the profits attributed to international branches, reflecting NBK Group’s confidence in the Egyptian market and its desire to further expand its presence as part of the Egyptian banking sector.
Meanwhile, Managing Director of NBK-Egypt, Dr. Yasser Hasan highlighted the bank’s continuous growth and solid performance across all financial indicators driven by its conservative strategy as part 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 financial 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 stable management.
Dr. Hasan 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. 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, Middle East, China as well as Singapore.