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.
Egypt: "Al Morshedy Mall Branch" the latest addition to our network31.08.2020
In continuation of the bank’s success and in support of our expansion plans to increase the customer base and the number of branches, as well as the continuous development and modernization of our branch network; on Wednesday, July 22, 2020, our newest addition to the network "Al Morshedy Mall" branch was opened in Sheikh Zayed City, where all "Sheikh Zayed" branch business was transferred to the new branch.
Mr. Amr El Alfy - Head of Business Sector, Ms. Salma Abou Hussein - Head of Consumer Banking, Mr. Ahmed Youssef - Head of Distribution Channels and Branch Network, and several members of the Bank's Executive Management attended the opening ceremony, as well as Mr. Ashraf Al-Morshedy and Mr. Ayman Al-Morshedy, Owners and CEOs of Al-Morshedy Trading Company.
The new branch is strategically located inside one of the largest commercial centers in Sheikh Zayed City and operates seven days a week from 11 am to 7 pm.
It is worth mentioning that the new branch has a dedicated Corporate Business Center and is designed to serve our Privilege customers, as well an ATM Center.
We will soon be announcing our new and relocated branches of "Moustafa Al Nahas" and "Nile City Mall". For the locations of NBK Egypt branches, please visit the following link