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Egypt: NBK-Egypt inks a cooperation protocol with Town Gas to finance natural gas connections to New Cairo districts

National Bank of Kuwait – Egypt (NBK-Egypt) signed a cooperation protocol with the Egyptian Company For National Gas Distribution In Cities "Town Gas", a subsidiary of the Egyptian Natural Gas Holding Company "EGAS" on Tuesday, December 4, 2018. As per the agreed upon terms, NBK will finance the cost of natural gas connection and operational activities carried out by Town Gas in New Cairo districts through extending credit facilities to Town Gas customers.   

The protocol was signed by Mr. Yasser Hassan, Managing Director, NBK -Egypt, and Eng. Yasser Bahnas, Chairman and Managing Director, Town Gas, in the presence of Mr. Yasser Al Tayeb, Deputy Managing Director, NBK-Egypt and Mr. Amr Al-Alfy, Head-Corporate & Commercial Banking at National Bank of Kuwait - Egypt, in addition to a number of NBK and Town Gas executives.

Dr. Yasser Hassan described this step as part of NBK’s strategy and directions during the current phase aimed at strengthening its position in the retail banking sector by providing advanced services and products tailored to the needs and requirements of its diversified retail customers, based on extensive and thorough market studies. He added that entering into this agreement reflects NBK’s guidelines in that regards. 

He pointed out that NBK is always striving to expand its corporate portfolio. The bank's credit portfolio includes a wide array of companies, including large corporations and SMEs. NBK has affirmed its support to the SME sector, which is of vital and prominent importance to the Egyptian market, through providing numerous competitive alternatives, as it draws on NBK-Group’s extensive resources and international expertise.

Mr. Amr Al-Alfy said that this agreement is part of NBK’s efforts aimed at supporting the petroleum sector, especially Egypt’s direction towards extending natural gas connections throughout the country including Cairo and other governorates to replace butane gas cylinders. This also comes in line with the recent natural gas discoveries, providing Egypt with additional foreign currency resources.

Meanwhile, Eng. Yasser Fouad Bahnas, Chairman and Managing Director of Town Gas, said that this initiative is part of the national project framework sponsored by His Excellency the Minister of Petroleum and Natural Resources, Eng.

Tariq Al Mulla, aimed at expanding natural gas delivery to all customers to improve Egyptian citizens’ living standards and to expand the customer base. Based on the Minister’s directions, agreements are issued with easier terms to reduce the financial burden and to extend the reach and benefits of this unique ubran service, strongly reflecting on realizing the  government’s objectives aimed at spreading natural gas services and reduce budget subsidies.

Town Gas has successfully provided its customers with an option to finance  natural gas installation costs, allowing them to pay in installments based on the actual estimation for the applicant’s residence. Financing is provided by NBK-Egypt, without setting a minimum or maximum credit limit over a period of five years.

This initiative will connect over 40,000 residential units in addition to the future expansions in New Cairo district, where natural gas installation has already been completed and is considered outside the boundaries where the financing program applies to monthly natural gas consumption bill of EGP 30 per month over 6 years.

NBK-Egypt (previously known as Al-Watany Bank of Egypt) is a member of NBK Group and was established in 1980. The bank currently has 48 branches across various Egyptian governorates including Cairo, Giza, Alexandria, Delta, Sinai, the Red Sea, and Upper Egypt, as well as industrial areas like Sixth of October, and Tenth of Ramadan. 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.

NBK Egypt has an extensive network of branches that are located across the country to serve its customers around the clock, in addition to NBK’s various electronic services such as NBK Online, allowing customers to enjoy secure, safe and convenient banking services anytime and from anywhere.

 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 prudent lending policies. NBK was also named among Global Finance’s list of the 50 safest banks in the world for the thriteenth consecutive time. NBK enjoys the widest banking presence with a local and international network of 153 branches 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.

Egypt: NBK-Egypt Reports EGP 2 Billion (Equivalent to KWD 12.6 million) Net Profit in 1Q2025

National Bank of Kuwait - Egypt (NBK-Egypt) has reported net profits of EGP 2 billion (Equivalent to KWD 12.6 million) for the first three months of 2025, from the EGP 1.3 billion (Equivalent to KWD 11.7 million) reported in the corresponding period of 2024, showcasing an impressive growth rate of 58%.

Net Operating Income stood at EGP 3.8 billion in 1Q2025, recording an increase of 38% from EGP 2.8 billion recorded in the corresponding period of 2024. In the meantime, Net Interest Income grew by 41%, reaching EGP 3.3 billion compared to EGP 2.4 billion in 1Q2024.

Meanwhile, Net Operating Income (excluding interests) increased to EGP 0.5 billion in 1Q2025, compared to EGP 0.4 billion in 1Q2024, up by 20%, while Cost to Net Operating Income dropped from 26% in 1Q2024 to 25% in 1Q2025.

Total assets reached EGP 203 billion by the end of 1Q2025, up by 4% compared to EGP 196 billion by the end of 2024. Furthermore, total loans and credit facilities expanded to EGP 109 billion in 1Q2025, reflecting a growth rate of around 5% compared to EGP 104 billion recorded at the end of 2024.  Additionally, customer deposits increased to EGP 164 billion by the end of 1Q2025, up from EGP 160 billion at the end of 2024, representing a growth rate of 3%. Furthermore, The Return on Average Assets (ROAA) improved to 4.1% in 1Q2025, compared to 3.6% in the corresponding period of 2024, while the Return on Average Equity (ROAE) increased to 35.8% in 1Q2025, up from 33.6% in the corresponding period of 2024.

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 profit growth achieved by National Bank of Kuwait – Egypt in the first quarter of 2025 is a clear testament to the strength of our financial position, the resilience of our business model, and our ability to perform across varying economic landscapes.”

 Al-Bahar explained that despite operational headwinds, the bank succeeded in delivering strong performance across its core business segments during the first quarter of 2025. She emphasized that the continued expansion of the bank’s balance sheet and the sustained growth in key financial indicators reaffirm the soundness of NBK Group’s strategic vision

. She noted that the bank remains firmly on track to further strengthen its position in what has become the Group’s most significant foreign market, given Egypt’s vast potential, positive outlook, and promising growth opportunities.

Furthermore, Al-Bahar affirmed that Egypt remains a key growth market for NBK Group and represents a cornerstone of its long-term strategic investments. She highlighted that the Group’s operations in Egypt continue to rank among its most profitable, delivering the highest returns on shareholders’ equity and assets. This performance, she noted, reflects the success of NBK’s business diversification strategy and the rapid momentum of its digital transformation journey—both of which are central to the bank’s efforts to expand its market share, particularly in retail banking, within one of the region’s most populous countries and one of its most promising investment landscapes.

She underscored the prominent footprint NBK Egypt has established as one of the fastest-growing banks in the Egyptian banking sector—an achievement clearly reflected in its robust financial indicators and the sustained growth in business performance witnessed over recent years.

Al-Bahar also noted that NBK Egypt is focused on enhancing the quality of its services, expanding its geographical presence, and reaching a broader and more diverse customer base. She highlighted the significant strides the bank has made in modernizing its digital infrastructure, information technology systems, and electronic channels—advancements that have reinforced its position as a strong and competitive player in the Egyptian banking market. This progress comes in tandem with the growing demand for banking services and the rising momentum of financial inclusion across the country. 

Meanwhile, Vice Chairman, CEO, and Managing Director of National Bank of Kuwait-Egypt, Mr. Yasser El-Tayeb, said: “The robust financial results achieved by the bank at the end of the first quarter of 2025 underscore the resilience and adaptability of our business model, enabling sustained growth despite the challenges posed by local, regional, and global market conditions.”

El-Tayeb highlighted that NBK Egypt’s business growth is well-balanced across all sectors, while maintaining efficiency and risk ratios aligned with sustainable expansion. This success is attributed to the bank’s prudent policies and a flexible business model designed to effectively meet customer needs.

He emphasized that NBK-Egypt is experiencing consistent 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. 

He further added that the majority of NBK Egypt’s income is generated from credit operations within the corporate sector, alongside contributions from retail banking. The bank’s credit portfolio encompasses a wide range of clients, including large, medium, and small enterprises, while its retail banking portfolio serves diverse customer segments. This breadth underscores the strength and diversity of the bank’s income sources.

Al-Tayeb emphasized the bank’s commitment to further strengthening its position in the retail banking sector by offering advanced services and products tailored to diverse customer segments, aiming to establish itself as a comprehensive bank that fulfills all their financial and life needs.

He also affirmed the bank’s ongoing commitment to enhancing its digital banking services, aiming to deliver a seamless and unique banking experience that enables customers to carry out most of their transactions anytime and from anywhere. He added that the bank is actively working to encourage wider adoption of digital payment channels, in line with the broader policy directions of the Egyptian government and the Central Bank of Egypt.

El-Tayeb concluded by underscoring NBK Egypt’s commitment to supporting the global shift toward sustainable finance and the transition to a green economy. He noted that the bank actively backs environmentally responsible projects that promote sustainability and rely on renewable energy sources. In addition, it continues to explore viable solutions to mitigate the adverse effects of climate change and reduce carbon emissions. He further highlighted that sustainable finance has become one of the most critical tools for safeguarding long-term financial stability.

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