Egypt: NBK-Egypt inks a cooperation protocol with Town Gas to finance natural gas connections to New Cairo districts04.12.2018
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 reports EGP 2.169 billion (KWD 39.6 million) in Net Profits in FY201911.02.2020
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;
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.