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Egypt: NBK-Egypt Wins the BT100 Award for 2020

National Bank of Kuwait - Egypt (NBK- Egypt) received the BT100 Award as  "Best bank providing digital Ecosystem” for 2020, during the ceremony hosted, for the fourth year in a row, by Business Today Magazine, one of the powerful media arms of Egyptian Media Group (EMG) in cooperation with POD Egypt, the leading public relations and media company as well as Youm7 media institution, to honor the 100 key influential entities and individuals in Egypt for 2020 under the patronage of HE Dr. Mostafa Madbouly – the Prime Minister.

The event was held on Tuesday, 30 March 2021, at the Nile Ritz-Carlton Hotel in the presence of a large number of ministers, senior officials, businessmen and executives of banks and companies operating in the Egyptian market, as well as a group of public figures and community celebrities.

The ceremony, themed “The Year of Inspiration” this year, was attended from NBK-Egypt’s side by Mr. Yasser El-Tayeb, NBK - Egypt Vice Chairman, Managing Director & CEO, Mr. Amr El Alfy, Head of Business Group at NBK – Egypt, Mrs. Salma Abou Hussein, Head of Consumer Banking at NBK-Egypt, and a number of the bank’s top management team.

The award winners are selected according to market studies based on the criteria for evaluating the performance of companies operating in the various sectors of the market, through a panel of economic experts and researchers.

The award presented to the bank was received by Mr. Amr El Alfy on behalf of Mr. Yasser El-Tayeb.

On this occasion, Mr. Yasser El-Tayeb said that honoring the bank in this ceremony and presenting it the award of "Best bank providing digital Ecosystem” for 2020 come in recognition of its instrumental role as one of the key players in the Egyptian economy, and in appreciation of its support for the digital transformation system, whether inside or outside the bank during 2020, in light of the COVID-19 crisis, which negatively impacted all economic sectors, not only in Egypt but worldwide. However, this crisis and the resulting repercussions gave the best testament to the readiness of the Egyptian economy and its economic institutions and their ability to overcome all challenges and aptly weather crises. This was clearly seen in NBK-Egypt’s financial indicators and business results for 2020, which showed its resilience to all the challenges caused by the COVID-19 crisis, by continuing to achieve good performance ratios, and remaining one of the top banks continuing effective steps towards transition to a digital economy, which has become a more pressing need after the COVID-19 pandemic.

Over the recent past years, the bank adopted a clear strategy promoting digital transformation projects, whether inside or outside the bank, in line with the directions of the government and the Central Bank of Egypt for transformation into a society less dependent on cash and evolving into a digital economy, being one of the goals of the sustainable development strategy embedded in Egypt Vision 2030, the path on which the bank has taken remarkable steps over the recent past years,” added El-Tayeb.

On his part, Mr. Amr El Alfy said: “NBK - Egypt was one of the first banks operating in Egypt to embrace digital transformation projects, stemming from the belief in the key role of technological solutions and alternative channels in the banking sector, and realizing their importance to enhance the competitive advantage over other banks, and to establish “the one bank concept” for customers, especially, as we strive to acquire a larger share of the Egyptian market, both in corporate and retail sectors, in the coming period.”

El Alfy added that the bank’s corporate customers had an important share of the bank’s digital services, as the bank launched "NBK Online Corporate Banking", which enables them to easily and securely manage the business activities and banking transactions of their companies online, without the need to visit the branches, by following simple steps to view the company's accounts and balances and manage them in an easy and secure manner.
From her side, Mrs. Salma Abou Hussein expressed her pleasure with the bank’s winning of the award, which shows the appreciation of the awarding entity for the effective role played by NBK- Egypt in the areas of digital transformation and digital banking, which the bank has been keen to adopt since a while by launching “NBK -Egypt Online Banking” enabling customers to make a variety of banking transactions in a simple and secure way, without the need to visit the branch for every transaction. The bank also launched “NBK Mobile Banking App” allowing customers to avail various banking services that became at their fingertips, anytime, anywhere.

The bank also launched its e-Wallet, offering customers a unique banking experience in terms of convenience and security.”
Abou Hussein pointed out that the bank also recently launched “Meeza” Prepaid Card, which is a new addition to NBK-Egypt’s array of cards, making the bank a main operator in the Egyptian market offering the smart payment card bearing the logo of Electronic Payment Network "Meeza", which is used by companies to pay employees’ salaries.

As a culmination of the bank's digital banking services, we have recently launched the digital transformation system for Heliopolis Sporting Club using HSC smart card, enabling the club members, at both Heliopolis and El Shorouk City branches, to enjoy various features and services inside and outside the club, as the membership card was revamped to double as an e-payment card, offering a locally unique experience based on cutting-edge technology that combine more than one use in one card, she added.

It is worth mentioning that NBK-Egypt has a network of 53 branches with strategic locations across the different governorates and cities of Egypt including Cairo, Giza, Alexandria, Delta, Sinai, Red Sea, Upper Egypt, and the industrial areas in the 6th of October and the 10th of Ramadan Cities. The bank is also privileged to be among the banks providing Islamic banking products, in addition to conventional products, through its dedicated Islamic banking branches. The bank also has a large network of ATMs across key locations of the country to service the bank’s customers around the clock.

Egypt: NBK-Egypt Reports EGP 7.3 billion (Equivalent to KWD 51.9 million) in Net Profit in FY2024

National 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