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

04.12.2018

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 achieves EGP 2.002 billion (KD 34.2 million) in net profits for FY2018

28.02.2019

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.