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Egypt: NBK holds dinner banquet for the Kuwait Chamber of Commerce and Industry delegates


National Bank of Kuwait-Egypt (NBK-Egypt) held a dinner banquet in honor of the delegation representing Kuwait Chamber of Commerce and Industry that visited Cairo earlier this week to discuss further strengthening the economic cooperation between the two nations and expanding investment opportunities.

The banquet was held at the Four Seasons Cairo Nile Plaza and was attended by Kuwait's Ambassador to Cairo, H.E. Ghanem Saqr Al-Ghanim, Chairman of the Financial Regulatory Authority, Mr. Mohamed Farid Saleh, and Chairman of the Stock Exchange, Mr. Rami El-Dokany, along with a group of Kuwaiti and Egyptian businessmen.

Unbreakable Ties

As part of his welcoming speech, Mr. Isam Al-Sager. Vice-Chairman and Group Chief Executive Officer of National Bank of Kuwait, stressed the strong connections and deep bonds between Kuwait and Egypt, underscoring their strategic partnership and shared visions on various bilateral and regional issues, as well as the keenness of the two countries’ leaderships to promote these ties in a way that achieves the common interest of the Egyptian and Kuwaiti people.

“The Egyptian economic performance has recently showed remarkable growth in all sectors, as the State reaps the fruits of its successful economic reform that started years ago.” Al-Sager said.

Al-Sager also highlighted in his speech the comprehensive infrastructure development plan sweeping across the country, and the launch of numerous national projects in vital sectors, including transportation and energy, aimed at providing a favorable environment for economic growth and attracting foreign investments.

Strategic Vision
Al-Sager emphasized that NBK group has always maintained a proactive vision and a strategic course for its investments in the Egyptian market that has seen encouraging development and promising growth prospects over the past few years. “Our development plan has been put into high gear since 2007, effectively working on further developing our banking services and products, and successfully implementing our digital transformation strategy, supported by our state-of-the-art digital infrastructure and extensive expertise.” Al-Sager explained.

Al-Sager further clarified that NBK provides the best financial solutions and its top-notch advisory services to the Egyptian and Kuwaiti markets, utilizing the Group’s vast expertise and enormous capabilities, thus contributing to investment growth and aiding trade exchange as well as enhancing the cooperation between various business sectors and government agencies, which should reflect positively on the growth and prosperity of both economies. 

Best Bet
Al-Sager stressed that when it comes to the Egyptian economy and its potential, NBK has been on the right track for the past 15 years. NBK - Egypt has become the largest Kuwaiti investment in Egypt, noting that the Bank successfully positioned itself as a leading financial institute on the map of private banks operating in Egypt. 

“Our huge investment in the Egyptian market is a vote of confidence in this buoyant market and a strategic pillar in our long-term growth plan”. Al-Sager said. “NBK-Egypt has been making vast strides forward, achieving enormous growth and adopting a transformational approach. This is evident in the Bank’s growth, as total assets increased to about EGP 87 billion on the back of the rapid growth of our loan portfolio to EGP 48 billion through financing various sectors across the Egyptian market, including mega national projects and key development activities. NBK-Egypt also managed to successfully gain a leading position in the Egyptian banking sector, thanks to our strong balance sheet and our wide network spreading across key locations across the country, in addition to providing the latest banking solutions and industry-leading advisory services, in line with the latest digital banking trends.”. Al-Sager added.

Al-Sager also pointed out that the Group has also been focused on developing NBK-Egypt’s digital infrastructure, upgrading its IT foundation and electronic channels, and strengthening its competitive edge in the banking sector. Moreover, the Bank’s digital roadmap is firmly aligned with “Egypt Vision 2030”, the national direction and the Central Bank’s strategy focused on a smooth transition towards digital economy and financial inclusion.

Highlighting the Banks’ community involvement, Al-Sager stressed that NBK - Egypt is dedicated to serving the Egyptian community, with a special focus on being a reliable partner in the development process to accelerate the achievement of Egypt’s sustainable development goals as outlined in “Vision 2030”. It is worth noting that the Bank’s CSR contributions stood at around EGP 158 million over the past five years.
Presidential Reception

President Abdel Fattah El-Sisi received the delegation of Kuwait Chamber of Commerce and Industry visiting Cairo this week at the presidency headquarter in Cairo to discuss boosting the economic relations across various sectors and increasing investment opportunities between both countries.

The President asserted Egypt’s keenness to strengthen its communication with Kuwaiti investors and Egypt’s full commitment to pave the way to overcome any obstacles they may face. Meanwhile, the Kuwaiti delegation praised the attractive investment environment that Egypt is currently promoting, thanks to the strenuous steps taken by the Egyptian government to accommodate investors’ needs, highlighting the importance of the Egyptian market to Kuwaiti businessmen, as they continue to seek more investment opportunities in this lucrative market, capitalizing on the serious fundamental changes and investment climate reforms that the Egyptian government has undertaken.

The delegation pointed out that Kuwaiti investments in Egypt promote economic and social development, further consolidate and strengthen their cooperation, and encourage their cooperation to achieve sustainable development and improve trade exchange. The meeting was attended by Chairman of Kuwait Chamber of Commerce and Industry, Mr. Mohammad Al-Sager, and representatives of the Chamber, Kuwaiti government agencies, unions, and companies

Economic Forum

The Kuwaiti delegation attended the Egyptian-Kuwaiti Cooperation Forum, organized by the Federation of Egyptian Chambers of Commerce and Kuwait Chamber of Commerce and Industry. Among the key issues to be discussed during the forum was the signature of a cooperation protocol between both parties. The forum also discussed investment opportunities and the business environment in Egypt, major national projects across various sectors, including agriculture, industrial and real estate investment, in addition to tourism and service projects.

Other topics discussed during the forum included the Direct Investment Promotion Authority’s presentation on the investment climate in Kuwait. The forum was concluded by paying a visit to the New Administrative Capital to witness the latest development and infrastructure achievements of this vital national project.

Historical Ties

Egypt-Kuwait relations have been growing steadily throughout history, at all levels, officially and publicly. The strength of relations between the two countries stems from deep ties as they extend bridges of cooperation in all fields. Public and private sectors in Kuwait invest heavily in the Egyptian economy, with about USD 19 billion in investments, while trade exchange between Egypt and Kuwait stood at USD 5 billion in 2020. Moreover, Kuwait is Egypt's third largest Arab trading partner after Saudi Arabia and the UAE.

Egypt: NBK-Egypt reports EGP 4.021 billion (Equivalent to KWD 41.4 million) in net profit in FY2023


National Bank of Kuwait - Egypt (NBK-Egypt) has announced net profits of EGP 4.021 billion (Equivalent to KWD 41.4 million) for the financial year 2023, a significant increase from the EGP 1.826 billion (Equivalent to KWD 30.7 million) reported in 2022, showcasing an impressive annual growth rate of 120.21%.

Net Operating Income stood at EGP 8.66 billion, recording a substantial increase of 87.04% from the EGP 4.63 billion recorded in 2022. In the meantime, Net Interest Income jumped by 82.51%, reaching EGP 6.99 billion compared to EGP 3.83 billion in 2022.

On the other hand, Net Operating Income (excluding interests) increased to EGP 1.67 billion in 2023, compared to EGP 0.8 billion in 2022, up by 108.75%, while Cost to Net Operating Income dropped from 37.14% in 2022 to 28.02% in 2023.

Total assets reached EGP 130.61 billion in 2023, up by 24.22% compared to the year-end balance of EGP 105.14 billion in 2022. Furthermore, the net balance of loans and credit facilities expanded to EGP 76.06 billion 2023, reflecting a growth rate of 38.42% compared to EGP 54.95 billion recorded at the end of 2022. Moreover, customer deposits continued to grow, rising by 25.42% to reach EGP 105.93 billion in 2023, compared to EGP 84.46 billion by the end of 2022.

The Return on Average Assets (ROAA) surged from 2% at the end of 2022 to 3.4% at the end of 2023, while the Return on Average Equity (ROAE) increased from 16.9% at the end of 2022 to 30.7% by the end 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: “In 2023, NBK- Egypt achieved its highest annual profits to date, accompanied by record growth rates. This success is credited to a strong operational performance, highlighting the resilience of our financial position and the flexibility of our business model, which allows for profit generation despite operational challenges.

“At NBK - Egypt, our objective is to enhance banking transactions and elevate their quality to meet growing market demand. We pursue this goal by focusing on the advancement of our digital services, leveraging the expertise and excellence of the Group in this domain. Additionally, we aim to expand our loan portfolio for SMEs, broaden the scope of our operations, and diversify them to encompass a wider geographical reach and cater to various customer segments,” Al-Bahar added.

Al-Bahar emphasized that Egypt stands as one of the key strategic markets for fostering the Group's business growth, consistently regarded as the second domestic market. Being the largest Kuwaiti investment in Egypt, the bank holds a significant presence in the Egyptian banking sector, evident in its rapid growth trajectory and strong financial performance. The Bank's positive momentum underscores its commitment to expanding further and strengthening its market position.

Al-Bahar also highlighted that the Group perceives the Egyptian market as a strategic long-term investment. Given that the Egyptian economy ranks among the largest in the region, it holds substantial growth potential once it regains momentum.

She further emphasized that Egypt represents a significant growth market, and that the Bank is committed to its continuous expansion. The operations in Egypt continue to be among the most profitable within the Group, boasting the highest rates of return on shareholders' equity and assets.

“As geopolitical tensions in the region subside, economic recovery efforts will receive a significant boost. By restoring confidence in the economy and currency, substantial opportunities will emerge. We maintain an optimistic outlook on future prospects, buoyed by the momentum generated from the Egyptian government and the Central Bank of Egypt's reform and exceptional measures,” Al-Bahar confirmed.

Meanwhile, Vice Chairman, CEO, and Managing Director of National Bank of Kuwait-Egypt, Mr. Yasser El-Tayeb, said: “The robust financial results and key indicators serve as the most compelling evidence, showcasing the Bank's capacity to maintain growth and attain favorable business outcomes throughout 2023, notwithstanding the unprecedented challenges faced both locally and globally. These challenges include the aftermath of the Russian-Ukrainian conflict, the Gaza war, import crises, and fluctuations in the foreign exchange rate against the Egyptian pound”.

El-Tayeb emphasized that NBK-Egypt maintains a well-balanced distribution of revenues across diverse business activities. This strategic approach is coupled with efficient operational rates and risk ratios, aligning with the dual objectives of achieving growth and ensuring business sustainability. Credit for this success is attributed to the Bank's prudent policies and a sound business model, demonstrating its capability to meet customer needs.

El-Tayeb further explained that the majority of NBK's income sources in Egypt are derived from credit operations in both the corporate sector and the rapidly expanding retail banking sector. The latter has notably increased in prominence, particularly in recent years, with a very diversified credit portfolio including a wide range of businesses across various sectors ranging from large scale corporations to SMEs. Meanwhile, the retail banking portfolio is also well diversified. This solid position reflects the Bank’s strength and the diversity of its revenue streams. He also highlighted that going forward, NBK-Egypt strives to further strengthen its position in retail banking by offering innovative services and products to its retail customers, in addition to continuing the horizontal growth plan by inaugurating new branches covering key locations throughout the Egyptian market.

Al-Tayeb also emphasized the Bank's firm belief in the pivotal role of technological advancements and electronic channels within the banking sector. Recognizing their significance in bolstering competitive advantages among banks, we, at NBK-Egypt have prioritized a robust expansion of our electronic banking services, making substantial investments in this area. Our ultimate goal is to provide customers with an exceptional banking experience, offering a unique facility that enables them to conduct the majority of their banking transactions conveniently, anywhere, anytime. Furthermore, we aim to encourage customers to utilize electronic means and channels for payments, aligning with the broader policy objectives of the state and the Central Bank of Egypt in this regard.

Furthermore, El-Tayeb highlighted NBK-Egypt's commitment to align its strategies with the global movement towards sustainable finance and the transition to a green economy. The Bank aims to actively support environmentally friendly projects that promote sustainability and the utilization of renewable energy sources to mitigate climate change, since sustainable financing has emerged as a fundamental mechanism and instrument for facilitating and maintaining enduring financial stability.

In terms of the bank's social responsibility, Al-Tayeb highlighted that since NBK Group entered the Egyptian market in 2007, NBK-Egypt has remained dedicated to serving the Egyptian community. This commitment is demonstrated through the support, donations, and contributions extended to numerous charitable organizations. Additionally, the Bank actively collaborates with reputable civil society institutions, establishing partnerships aimed at becoming the operational arm of the Bank's development initiatives.