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Egypt: NBK-Egypt reports EGP 5.2 billion in net profit by the end of 3Q2024

National Bank of Kuwait - Egypt (NBK-Egypt) has reported net profits of EGP 5.2 billion for the first nine months of 2024, a significant increase from the EGP 2.6 billion reported in the corresponding period of 2023, showcasing an impressive growth rate of 101%.

Net Operating Income stood at EGP 9.7 billion, recording a substantial increase of 57% from EGP 6.2 billion recorded in the corresponding period of 2023. In the meantime, Net Interest Income grew by 65%, reaching EGP 8.2 billion compared to EGP 5 billion in 9M2023.

Meanwhile, Net Operating Income (excluding interests) increased to EGP 1.4 billion in 9M2024, compared to EGP 1.2 million in 9M2023, up 23%, while Cost to Net Operating Income dropped from 32% in 9M2023 to 22% in 9M2024.

Total assets reached EGP 181.9 billion by the end of the third quarter of 2024, up by39% compared to EGP 130.6 billion by the end of 2023. Furthermore, total loans and credit facilities expanded to EGP 98.1 billion by the end of 3Q2024, reflecting a growth rate of 29% compared to EGP 76.1 billion recorded at the end of 2023. Additionally, customer deposits increased to EGP 147.2 billion by the end of 3Q2024, up from EGP 105.9 billion at the end of 2023, representing a growth rate of 39%. Furthermore, The Return on Average Assets (ROAA) improved to 4% in September 2024, compared to 3% in the corresponding period of 2023, while the Return on Average Equity (ROAE) increased to 40% in 3Q2024, up from 28% in the corresponding period of 2023.

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 growth in NBK-Egypt's profits and financial performance by the end of 3Q2024 underscores the strength of the bank's financial position and the resilience of its profit-generating business model, even amid operational challenges. Since its debut in the Egyptian market in 2007, NBK Group has consistently demonstrated its confidence in the significant opportunities and untapped potential this dynamic market offers”.

Al-Bahar highlighted the Egyptian market's strategic importance to NBK Group, emphasizing its position as a cornerstone of the Group's long-term investment strategy. Egypt is considered the second domestic market for the Group and hosts NBK's largest Kuwaiti investment outside Kuwait. 

The bank has established a strong presence in the Egyptian banking sector as one of the fastest-growing institutions in the market. NBK-Egypt's operations are among the Group's most profitable, consistently delivering high returns on equity. All financial indicators point to continued success, with the bank positioned for further expansion and increased market share. Al-Bahar also noted NBK's significant focus on enhancing retail banking services in Egypt, the most populous market in the region.

"We are committed to enhancing service quality, expanding our geographical reach, and engaging with a broader and more diverse customer base. This strategy leverages the substantial advancements the bank has achieved in digital infrastructure, information technology, and electronic channels, which have experienced remarkable growth. These developments have positioned the bank as a strong competitor in the Egyptian banking sector, particularly amidst the growing demand for banking services and the rising rates of financial inclusion," Al-Bahar added.

Meanwhile, Vice Chairman, CEO, and Managing Director of National Bank of Kuwait-Egypt, Mr. Yasser El-Tayeb, said: “Despite the exceptional challenges faced by the business community both locally and globally, the bank's financial performance at the end of the third quarter of 2024 underscores its resilience and capacity for growth. Strong financial figures and indicators highlight the bank's ability to achieve solid results, reflecting the effectiveness of its business model and strategic direction”.

El-Tayeb emphasized that NBK-Egypt's business growth reflects a balanced expansion across all operations, underpinned by maintaining efficiency and risk ratios aligned with both growth objectives and long-term sustainability. This achievement stems from the bank's prudent strategies and a well-considered business model designed to adapt with agility to customer needs while ensuring operational resilience.

El-Tayeb highlighted that NBK-Egypt's income sources are predominantly driven by credit operations in the corporate sector, complemented by the substantial growth of the retail banking sector, particularly in recent years. The bank's credit portfolio demonstrates a significant diversity, catering to a wide range of companies, including large, medium, and small enterprises. Additionally, the retail banking portfolio encompasses various customer segments, reflecting the robustness and diversity of the bank's revenue streams. This diversity underscores the organization’s strategic strength and its ability to sustain growth across multiple sectors.

Furthermore, he emphasized that the bank is focused on further strengthening its position in the retail banking sector by offering advanced services and products tailored to diverse customer segments. The goal is to establish the bank as a comprehensive financial institution that not only meets all customers' financial needs but also offers a range of services that enhance their connection to the bank, supporting their work and lifestyle both within Egypt and abroad. This vision is bolstered by NBK Group's extensive regional and global presence, operating in 13 countries worldwide, which enables the bank to offer a robust and internationally connected banking experience.

El-Tayeb also stated that the bank recognizes the crucial role of technology and electronic channels in the banking sector, understanding their importance in enhancing competitive advantage, stating that: “With this in mind, we have prioritized a strong push to expand our electronic banking services, investing significantly in this field. Our aim is to provide customers with a unique banking experience that enables them to complete most banking transactions wherever they are, whenever they want. Additionally, we are actively encouraging customers to increase their use of electronic payment methods, aligning with the broader national strategy and the policies of the Central Bank of Egypt.”

El-Tayeb concluded by emphasizing that NBK-Egypt is committed to supporting the global shift towards sustainable finance and the transition to a green economy. The bank actively supports environmentally friendly projects that promote sustainability and increasingly rely on renewable energy sources. Additionally, the bank is exploring solutions to mitigate the negative effects of climate change and reduce carbon emissions. Sustainable finance, he noted, has become one of the most critical tools for ensuring long-term financial stability.

Egypt: NBK–Egypt Reports Net Profit of EGP 8.09 Billion (Equivalent to KWD 51.24 million) for FY2025

National Bank of Kuwait – Egypt (NBK-Egypt) recorded net profit of EGP 8.09 billion (Equivalent to KWD 51.24 million) in FY2025, up from EGP 7.27 billion (Equivalent to KWD 51.87 million) in FY2024, representing year-on-year growth of 11.3%.

Net Operating Income stood at EGP 16 billion in FY2025, representing a significant increase of 18.4% from EGP 13.5 billion in FY2024. Net Interest Income grew by 18.5%, reaching EGP 13.7 billion compared with EGP 11.6 billion in FY2024. Net Operating Income (excluding interest) rose to EGP 2.3 billion in FY2025 from EGP 1.9 billion in FY2024, an increase of 18%. Income from financial investments increased to EGP 53 million from EGP 31 million in the prior year, marking growth of 70%, while the Cost-to-Net Operating Income ratio stood at 25.4% in FY2025. 

Total assets expanded to EGP 225 billion by the end of FY2025, representing growth of 14.7% from EGP 196 billion at year-end 2024. Total loans and credit facilities increased to EGP 121 billion, rising 17.4% from EGP 103 billion. Customer deposits also recorded solid growth, reaching EGP 180 billion compared with EGP 160 billion in the prior year, an increase of 12.7%.  In the meantime, The ratio of operating income to total net income stood at 85.4% in FY2025, compared to 85.6% in the corresponding period of 2024.

Profitability indicators remained robust, with Return on Average Assets (ROAA) at 3.8% and Return on Average Equity (ROAE) at 30.7%.

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 strong growth in NBK-Egypt’s profitability and business performance at the end of 2025 reflects the resilience of our financial position and the flexibility of our business model to generate earnings and deliver sustainable growth, despite ongoing operational challenges.”

Al-Bahar explained that the financial results achieved by NBK-Egypt in 2025 once again validate the Group’s strategic vision since entering the Egyptian market in 2007, while highlighting the substantial opportunities and long-term potential offered by this promising market.

“NBK Group views the Egyptian market as a long-term strategic investment. Egypt represents one of the largest economies in the region and a core growth market in which we remain committed to expanding our presence. We regard it as the Group’s second domestic market,” Al-Bahar added.

She emphasized that NBK-Egypt continues to rank among the most profitable operations within the Group, delivering some of the strongest returns on equity and assets.

Furthermore, Al-Bahar highlighted that NBK-Egypt, the largest Kuwaiti investment in Egypt, has established a clear footprint within the country’s banking sector, positioning itself among the fastest-growing banks. She added that financial indicators confirm the Bank remains on the right trajectory toward further expansion and strengthening its market share.

Al-Bahar underscored that Egypt’s economic landscape continues to strengthen, supported by far-reaching reform initiatives and resolute policy actions advanced by both the government and the Central Bank of Egypt. These measures are reinforcing macroeconomic stability and unlocking compelling avenues for investment, expansion, and long-term value creation. She expressed firm conviction in the Egyptian economy’s resilience and its promising trajectory.

Meanwhile, Vice Chairman, CEO, and Managing Director of National Bank of Kuwait-Egypt, Mr. Yasser El-Tayeb, said: “Nothing illustrates the Bank’s strength more clearly than its robust financial results and performance metrics, underscoring its capacity to sustain growth and deliver solid outcomes in 2025 despite a challenging local and global operating environment.” 

El-Tayeb noted that NBK-Egypt continues to achieve balanced growth across all business segments while maintaining efficiency levels and risk metrics consistent with both growth objectives and long-term sustainability. He attributed this performance to the Bank’s prudent strategic approach and its disciplined business model, which enables it to respond to client needs with a high degree of flexibility.

El-Tayeb noted that the majority of NBK–Egypt’s income is derived from credit operations within the Corporate Banking segment, alongside Retail Banking, with its role expanding significantly in recent years. The Bank’s credit portfolio demonstrates broad diversification across its corporate client base, encompassing large, medium, and small enterprises, while its retail portfolio similarly spans a wide spectrum of customer segments. This diversification underscores the resilience and depth of the Bank’s income streams. 

He affirmed that the Bank aims to further strengthen its position in the retail banking sector in the period ahead by offering advanced products and services tailored to the needs of diverse customer segments, reinforcing its positioning as a comprehensive financial partner capable of meeting their full range of financial requirements. The Bank also continues to expand its Islamic banking services to serve a broad client base, consistently enhancing its product offering. NBK-Egypt remains among the leading institutions in the Egyptian market providing Islamic banking services and products alongside its conventional banking solutions.

El-Tayeb further noted that, in recognition of the pivotal role technological tools and electronic channels play in the banking sector, and their importance in strengthening competitive positioning, NBK-Egypt has actively accelerated the expansion of its digital banking services, committing substantial investments to this domain. These efforts aim to deliver a distinctive banking experience that enables customers to conduct most of their transactions anytime and anywhere. More broadly, the Bank continues to encourage clients to expand their use of electronic payment channels, in alignment with the public policy direction of the Egyptian government and the Central Bank of Egypt.

He added that NBK-Egypt is committed to supporting the global shift toward sustainable finance and the transition to a green economy by backing environmentally responsible projects that promote sustainability and greater reliance on renewable energy. The Bank also evaluates solutions designed to mitigate the adverse impacts of climate change and reduce carbon emissions, recognizing sustainable finance as a critical mechanism for safeguarding long-term financial stability.

Addressing the Bank’s corporate social responsibility, El-Tayeb stated that since NBK Group’s entry into the Egyptian market in 2007, NBK-Egypt has remained dedicated to fulfilling its role in serving the community through contributions, donations, and support extended to a wide range of charitable initiatives. The Bank has also established partnerships with credible and active civil society organizations, empowering them to serve as effective implementation partners in advancing its community development agenda.

Egypt: NBK Egypt Provides $115 Million Financing for Safaga Terminal Project

Reinforcing its leadership in advancing Egypt’s sustainable economic development agenda, National Bank of Kuwait – Egypt (NBK-Egypt) continues to strengthen its role as a leading financial partner in the financing of strategic national projects. In this context, the Bank has entered into a $115 million financing agreement in collaboration with the International Finance Corporation (IFC) to support the development of Noatum Ports – Safaga Terminal in Egypt.

This financing aligns with the Bank’s commitment to supporting national projects that deliver sustainable long-term economic impact. These initiatives are instrumental in advancing logistics infrastructure, improving the efficiency of Egypt’s port network, and consolidating the country’s strategic position as a regional hub for global trade and supply chains.

This financing was supported by IFC, with participation from NBK – Egypt through a long-term syndicated loan with a tenor of up to 15 years. This reflects the confidence of international and regional financial institutions in the strength of the Egyptian economy, the quality of project execution, and their capacity to generate sustainable economic and developmental returns. It also underscores confidence in the operational capabilities of AD Ports Group and highlights Egypt’s strategic role within global trade and supply chain networks.

The financing has secured all required approvals, and financial close is expected during the first quarter of 2026.

Egypt’s Economic Growth

Mr. Yasser El-Tayeb, Vice Chairman, CEO and Managing Director of NBK – Egypt, stated that the Bank’s participation in this significant financing reflects its strategic commitment to its role as an active development partner in supporting the national economy, emphasizing that financing major national projects represents a central pillar of the Bank’s strategic direction.

He added that port development and logistics infrastructure projects constitute a key driver of economic growth due to their direct impact on stimulating foreign trade activity, enhancing the competitiveness of the Egyptian economy, and creating sustainable employment opportunities. Ports in particular represent one of the most critical components of such projects, given their contribution to expanding external trade flows and supporting the state’s plans to maximize the benefits of Egypt’s unique geographic location as one of the most important logistics hubs along the Red Sea.

Moreover, El-Tayeb emphasized that long-tenor financing extended by the banking sector serves as a decisive catalyst in translating development strategies into operational projects with real economic impact, reflecting the approach embraced by leading international banking institutions in advancing national economic development.

The Bank’s Strength and Expertise  

In the meantime, Mr. Walid El- Seyoufi, Deputy Managing Director of NBK – Egypt, affirmed that the Bank’s success in arranging and participating in financing of this scale reflects the strength of its financial position and its proven expertise in funding major strategic projects, as well as its ability to deliver integrated financing solutions aligned with national priorities and development plans.

He noted that the project represents a qualitative addition to the Bank’s financing portfolio given its contribution to supporting Egypt Vision 2030 through enhancing infrastructure efficiency, stimulating investment, improving productivity, and generating direct and indirect employment opportunities, thereby contributing to inclusive and sustainable economic growth.

El-Seyoufi added that the Safaga Terminal constitutes a strategically significant project due to its role in supporting trade flows across the Red Sea and connecting regional and international markets. This aligns with the direction of global financial institutions toward supporting infrastructure initiatives that deliver broad economic impact.

He further noted that the Noatum Ports – Safaga Terminal project is valued at approximately $200 million. The terminal is located on Egypt’s Red Sea coast and represents the first international maritime terminal in Upper Egypt, providing additional developmental significance from both economic and geographic perspectives.

Sustainable Finance

Mr. Ahmed El-Shall, Head of Corporate and Syndication at NBK – Egypt, stated that the Bank’s participation in this financing underscores its confidence in the project’s economic viability, as well as its commitment to supporting projects that incorporate environmental and sustainability considerations, in line with global banking best practices.

El-Shall explained that the Bank follows a clear strategy focused on financing infrastructure and sustainable development projects, which international experience has shown to be among the most important drivers of long-term economic growth. He further noted that this transaction is not the first of its kind, as the Bank has previously participated in financing several major national projects across multiple sectors, including the expansion of Damietta Port, the Tahya Misr multipurpose terminal at Alexandria Port, Abu Qir Port, the Max Port breakwaters, and the development of Sokhna Port, in addition to other infrastructure projects in the electricity, energy, roads, and related sectors. He added that several additional large-scale projects are currently under review, which the Bank is seeking to finance.

Furthermore, El-Shall affirmed that the banking sector plays an increasingly critical role in directing investments toward sectors with the greatest developmental impact, a role undertaken by leading global financial institutions through supporting strategic projects that contribute to inclusive development and improvements in quality of life.