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Egypt: Zewail City of Science and Technology and NBK ink EGP 6.25 million cooperation protocol

Zewail City of Science and Technology and National Bank of Kuwait inked a cooperation protocol worth EGP 1.25 million annually for a term of 5 years to provide 10 scholarships to the City’s students in 2018.

The protocol comes in line with the strategy adopted by both parties aimed to support and develop scientific research and to empower innovative scientists by providing all the required prerequisite for success to develop the Egyptian society, in line with the Sustainable Development Strategy: Egypt's vision 2030. One of the main objectives of Zewail City is aimed at keeping abreast of scientific development and contribute towards scientific research to propel Egypt to a leading position among developed countries in the areas of science and research. Meanwhile, NBK is a firm believer that advanced education is the first step on the road to promote the country and head towards a better future, in addition to the importance of education for the Egyptian society’s progress and advancement.

The protocol was signed by Zewail City’s Executive President, Prof. Sherif Sedky and the Managing Director at National Bank of Kuwait – Egypt, Dr. Yasser Hassan. The signing ceremony was attended by a number of Zewail City faculty members and management, as well as representatives of the National Bank of Kuwait.

The protocol stipulates that a number of students shall be selected to benefit from receiving the scholarships according to a specific criteria in order to ensure equal opportunities for all qualified students, and to provide a continuous resource to benefit them. Additionally, students are required to maintain academic excellence and outstanding academic performance throughout their term at the university.

"Research has shown that there is no higher return on investment than science and scientific development, but we have to admit that no matter how large budgets get, Zewail City won’t be able to accomplish this difficult task on its own" said Zewail City’s Executive President, Prof. Sherif Sedky “Hence we are witnessing today the importance of the close cooperation between the private sector represented by National Bank of Kuwait and civil society organizations represented by Zwail city, as a scientific research institution that promotes scientific research and innovation, in line with the objectives set forth by the higher education system and scientific research in order to achieve sustainable development in society”.

Prof. Sedky expressed his happiness for signing the protocol and stressed on the importance of such steps as a milestone toward the successful completion of the project that Dr. Ahmed Zewail had long dreamed of establishing to be a beacon for research in the Middle East responsible for graduating highly educated cadres with heightened awareness towards science and technology so that they would contribute to the development of the Egyptian economy and face its challenges. It also strives to propelling Egypt to a leading position among developed countries in the areas of science and research.

Moreover, Prof. Sedky highlighted that this partnership complements Zewail City’s cooperation efforts with private and public institutions and civil society organizations. He also expressed his hopes for continuous flow of support to complete the various stages of the city and achieve a breakthrough in the scientific research arena both in Egypt and the Middle East.

Meanwhile, Dr. Yasser Hassan said that signing this agreement comes in line with NBK’s corporate social responsibility aimed at carrying out the bank’s prominent role to serve the society by directing its support and contributions to many non-profit organizations aimed at developing the society and the people through various means.

Dr. Hassan explained that the University of Science and Technology at Zewail City of Science, through its free scholarships program, sets an ideal model of trustworthy institutions that strive to utilize the support and assistance they receive in the best way possible. He added that this initiative constitutes an important part of NBK’s social corporate responsibility program as the bank strives to support such constructive developmental activities to enrich the community and contribute towards the advancement of its skillful students to showcase their scientific talents and enrich them academically in one of the best scientific research hubs in the country.

Dr. Hassan stressed that all civil society institutions in Egypt should extend their support and develop governmental institutions to aid them in supporting the citizens who need them the most, especially at this crucial time in the country’s history as it seeks to pave the way for a brighter future.

He also added that NBK Group’s overall policy, on the local, regional and international levels, is focused on social corporate responsibility covering the fields of education and health care as it firmly believes in their important role in building societies, developing nations and the prosperity in various fields and aspects.

Zewail City of Science and Technology is a nonprofit, independent institution of learning, research and innovation. Its strategy is to build a new generation of leaders, scientists and entrepreneurs capable of having a significant impact on society. It also aims to introduce new cutting-edge fields of endeavor. The City has established a five-component structure consisting of the he University of Science and Technology, Research Institutions, the Technology Pyramid, the Academy, and the Center for Strategic Studies. Zewail City has been able to register about 380 research papers and obtain 12 patents in the fields of health and environment, which is no small feat by any means.

NBK-Egypt (previously known as Al-Watany Bank of Egypt) is a member of NBK Group and was established in 1980. The bank has a network of 45 branches situated at various strategic locations across Egyptian governorates and cities including Cairo, Giza, Alexandria, Delta, Sinai, the Red Sea, and Upper Egypt, as well as industrial areas like Sixth of October, and Tenth of Ramadan. NBK-Egypt is also one of the few banks licensed to offer Sharia compliant solution in addition to the conventional products through its two Islamic branches.

Egypt: NBK – Egypt reports EGP 510 million (KD 8.9 million) net profits in 1Q 2019 growing by 2.6% YoY

NBK-Egypt - a member of NBK Group – reported EGP 510 million (KD 8.9 million) net profits in 1Q 2019 up 2.6% y-o-y, compared to EGP 497 million (KD 8.5 million) in the corresponding period of last year.

Total assets reached EGP 70.37 billion as of March 31, 2019, up 18.25% compared to EGP 59.51 billion at the end of 1Q2018. Total customers deposits grew by 20.56% to reach EGP 53.07 billion, compared to EGP 44.02 billion in 1Q2018. While customer loans and advances reached EGP 37.68 billion in 1Q2019, growing by 5.34% compared to EGP 35.77 billion in 1Q2018. 

“NBK-Egypt is one of the most important branches for the Group as it plays a vital role in achieving our income diversification strategy through increasing the contribution of international operations to net profits. The branch provides almost third of the profits attributed to international branches, thus further validating our long-term visionary investment approach in the Egyptian market”. Isam Jassim Al-Sager, NBK’s Group Chief Executive Officer and NBK-Egypt Chairman said.

Al-Sager pointed out that NBK-Egypt’s outstanding profits and the growth it managed to achieve across all its financial indicators reinforce the Group’s confidence in the Egyptian market, especially that the banks’ profits are mostly operational, reflecting the improved business environment and the stability of the economic scene in Egypt. 

Al-Sager added that NBK-Egypt aims to further expand its market share in the fast -growing retail sector by focusing on providing outstanding banking services while marinating its leading position in the corporate sector through its focus on financing SMEs in order to diversify the bank's credit portfolio. NBK Group is also working on transferring its Fintech expertise to the Egyptian market through NBK-Egypt as part of the Group’s "digital transformation” strategy.

Al-Sager highlighted that in light of the strong 1Q2019 financial results, NBK-Egypt has continued its growth and solid performance across all financial indicators, supported by the Bank's success in overcoming unfavorable market conditions at the beginning of the year, 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 at the same time to cater to its customers actual needs derived through detailed in-depth market studies. This is in addition to the bank's solid financial position, strong balance sheets and the experienced and accomplished team that brings comprehensive banking knowledge and extensive experience. 

Al-Sager 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. He also highlighted that NBK strives to strengthen its position in retail banking as well over the coming period and that it has made huge strides in presenting innovative services and products to its retail clients to fulfill the needs and requirements of various segments.  

He further added that NBK-Egypt has a wide network of 50 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, in addition to a wide network of ATMs spread across the country to service the bank’s clients around the clock. Moreover, NBK- Egypt also provides a range of e-services and aims to heavily invest in such technologies to expand its footprint and provide its clients with unique banking experiences that allow 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 and its disciplined approach to risk management and prudent lending policies. NBK was also named among Global Finance’s list of the 50 safest banks in the world for the thirteenth 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: NBK – Egypt achieves EGP 2.002 billion (KD 34.2 million) in net profits for FY2018

NBK-Egypt - a member of NBK Group – reported EGP 2.002 billion (equivalent to KD 34.2 million) in net profits for FY2018 up 33.22% compared to EGP 1.503 billion (equivalent to KD 26 million) for FY2017.

Total assets reached EGP 73.50 billion as of the end of 2018 up 24.56% compared to EGP 59.01 billion at the end of 2017. Total customers deposits grew by 30.11% for the year to reach EGP 53.16 billion, compared to EGP 40.86 billion by the end of 2017. While customer loans and facilities to customers reached EGP 38.64 billion as of end FY2018, growing by 13.95% year-on-year, compared to EGP 33.91 billion in 2017. 

Isam Jassim Al-Sager, NBK’s Group Chief Executive Officer and NBK-Egypt Chairman said that the strong growth achieved by NBK-Egypt is a testament to the success of its vision aimed at affirming its position in the Egyptian market, which is one of the main growth markets for NBK Group, given its promising growth opportunities and positive prospects.

Mr. Al-Sager pointed out that the strength of NBK-Egypt’s profits stems primarily from being operationally driven by improved business environment, reflecting the stability of the economic scene in Egypt.

He indicated that this stability will create new investment and financing opportunities for the bank, which in turn will contribute to improving the level of product integration between NBK-Egypt and the Group, thus strengthening its position in the Egyptian market.

Al-Sager confirmed that NBK Group's investments in Egypt are of strategic and long-term nature. NBK-Egypt is considered one of the most important branches for the Group as the branch provides almost third of the profits attributed to international branches, reflecting NBK Group’s confidence in the Egyptian market and its desire to further expand its presence as part of the Egyptian banking sector. 

Meanwhile, Managing Director of NBK-Egypt, Dr. Yasser Hasan highlighted the bank’s continuous growth and solid performance across all financial indicators driven by its conservative strategy as part 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 financial products at the same time to cater to its customers actual needs derived through detailed in-depth market studies. This is in addition to the bank's solid financial position, strong balance sheets and stable management.

Dr. Hasan 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. He also highlighted that NBK strives to strengthen its position in retail banking as well over the coming period and that it has made huge strides in presenting innovative services and products to its retail clients to fulfill the needs and requirements of various segments.  

He further added that NBK-Egypt has a wide network of 50 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 also provides a range of e-services, and aims to heavily invest in such technologies to expand its footprint and provide its clients with unique banking experiences that allow 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 and its disciplined approach to risk management and prudent lending policies. NBK was also named among Global Finance’s list of the 50 safest banks in the world for the thirteenth 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, Middle East, China as well as Singapore.