NBK-Egypt reports EGP 4.02 billion in annual net profit

Customer deposits continued to grow, rising by 25.42% to reach EGP 105.93 billion in 2023

National Bank of Kuwait – Egypt (NBK-Egypt) has posted EGP 4.021 billion in annual net profit, a 120.21% increase from the EGP 1.826 billion a year ago.

Net operating income stood at EGP 8.66 billion, up 87.04% from the EGP 4.63 billion recorded in 2022. Net Interest income jumped by 82.51% to reach EGP 6.99 billion compared to EGP 3.83 billion for the previous year.

“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,” said Shaikha Al-Bahar, Deputy Group Chief Executive Officer of the National Bank of Kuwait, and Chairman of 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.”

NBK-Egypt assets surged by 24.22% to reach EGP 130.61 billion in 2023, 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 in 2023, reflecting a growth rate of 38.42% compared to EGP 54.95 billion recorded a year earlier.

“The robust financial results and key indicators serve as the most compelling evidence, showcasing the bank’s capacity to maintain growth and attain favourable business outcomes throughout 2023, notwithstanding the unprecedented challenges faced both locally and globally,” said Yasser El-Tayeb, Vice Chairman, CEO, and Managing Director of National Bank of Kuwait-Egypt.

Customer deposits continued to grow, rising by 25.42% to reach EGP 105.93 billion in 2023.

The return on average assets surged from 2% at the end of 2022 to 3.4% at the end of 2023, while the return on average equity increased from 16.9% at the end of 2022 to 30.7% by the end of 2023.

El-Tayeb said 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.