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Egypt: NBK-Egypt Provides Finance of EGP 850 Million to Madkour for Projects Company
18.11.2021In line with its policy and directions towards supporting and financing national projects in Egypt, especially infrastructure projects, given their great importance in driving economic development, as well as its constant endeavors to support the State’s national project for developing Egyptian countryside villages, as part of “Decent Life” presidential initiative, National Bank of Kuwait - Egypt (NBK-Egypt) provided a finance of EGP 850 million to Madkour for Projects Company, one of the leading national companies in the field of energy and infrastructure projects, for the purpose of carrying out the works assigned to the company by the Ministry of Housing to replace and upgrade medium and low voltage electricity networks in some villages of Markaz Esna and Markaz Armant in Luxor Governorate.
The financing agreement was signed at NBK-Egypt’s head office on Monday, November 8, 2021, in the presence of Mr. Yasser El-Tayeb, NBK - Egypt Vice Chairman, Managing Director & CEO, where the agreement was signed by Mr. Amr El Alfy, Head of Business Group from NBK-Egypt’s side, and Dr. Mostafa Madkour, Chairman of the Board of Directors from the side of Madkour for Projects Company.
The signing ceremony was attended by Mr. Mohammed El Kerdany, Head of Islamic Finance, Mr. Helmy Youssef - Head of the Islamic Credit Unit in Cairo, Mr. Mohamed Mohie El-Din, Senior Credit Manager, Corporate Finance, Mr. Ahmed Allam - Credit Manager, Major Companies Finance, as well as a number of the bank’s senior and executive management members.
The signing was also attended from Madkour for Projects Company’s side by Eng. Tarek El-Sheikh – Managing Director, Mr. Emad El-Safty, Chief Financial Officer, Eng. Ahmed Ramadan, Head of Projects Division, and Mr. Tarek Shaaban, Head of Financing and Banking Relations.
On this occasion, Mr. Yasser El-Tayeb stated that NBK-Egypt’s financing of this mega project comes in line with its strategy to support the State’s plans in financing major national projects, especially electricity projects, given their great importance as the cornerstone of development in various areas of life, and the main driver of all economic activities.
This is instrumental to achieve inclusive development in all communities, as all countries of the world seek to secure their electricity needs, which prompted the Egyptian State to proceed strongly towards launching many mega electricity projects, especially after the June 30 Revolution in 2013 succeeded in putting an end to the frequent power outage, enabling Egypt to become a regional energy hub, which supports sustainable development goals in line with Egypt’s Vision 2030.
“On the other hand, NBK-Egypt’s initiative to finance this mega project stems from its direct positive impact on the daily life of citizens, especially people in the Egyptian countryside, and its contribution to improving their living conditions, in an effort to support the State’s national project for developing Egyptian countryside villages and improving the lives of citizens, as part of “Decent Life” presidential initiative,” El-Tayeb added.
On his part, Mr. Amr El Alfy mentioned that since several years, NBK - Egypt has been adopting a clear strategy to support and finance mega and infrastructure projects that help the State in its future plans to achieve progress and prosperity for all segments of the Egyptian people. Therefore, financing this vital project is a clear example for this strategy due to its great economic feasibility, as well as its key role in supporting the State’s development plans, driving production and securing more job opportunities for people.
Commenting on the deal, Mr. Mohammed El Kerdany said that arranging a loan of such a huge amount for this project reflects NBK – Egypt’s solid financial position and solvency enabling it to finance various mega projects, whether in individual or syndicated form, and also proves its confidence in the feasibility of this project and in the executing company, which is one of the leading contracting companies in this field in Egypt.
From his side, Dr. Mostafa Madkour expressed his pleasure with signing this agreement with a reputable bank like NBK - Egypt, which does not hesitate to provide the necessary financing for any vital projects that would serve the Egyptian economy and society. He also added that Madkour Group, as one of the leading national companies engaged in energy and infrastructure sector projects, with over 50 mega projects executed over the last five years, is proud of its contribution to the “Decent Life” project, which supports the Egyptian citizen and the economy, noting that NBK-Egypt’s contribution in these projects reflects its solid financial position and attention to different vital sectors of the Egyptian economy and society.
Meanwhile, Mr. Emad El-Safty affirmed that the company is committed to take part in supporting mega national projects with desired positive impact on the Egyptian citizen, by providing people with a decent life marked by sustainable development for the neediest groups in the governorates of Egypt, highlighting that the success in arranging this finance demonstrates NBK-Egypt’s confidence in Madkour Company’s capabilities and leading position in implementing national projects.
On his part, Mr. Tarek Shaaban stressed that NBK-Egypt’s providing this financing to Madkour Company reflects its confidence in the company’s solvency, as well as technical and management capabilities, as it has become a key partner in the implementation of national projects. He also noted that and that this financing marks only the beginning of a more fruitful and effective cooperation and a positive partnership with the banking sector, since both the company and the bank are keen to contribute in development projects aiming to alleviate the burdens of citizens as part of the integrated efforts of development partners.

Egypt: NBK-Egypt Reports EGP 2 Billion (Equivalent to KWD 12.6 million) Net Profit in 1Q2025
27.05.2025National 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
16.02.2025National 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