NBK—Egypt’s 9M2022 net profits surges by 22.55% to EGP 1.29 billion on corporate credit growth

NBK—Egypt shrugs off slowing economy to post a 22.55% growth in net profits to EGP 1.29 billion

National Bank of Kuwait—Egypt (NBK)  has reported a net profit of EGP 1.29 billion for the first nine months of 2020, a 22.55% year-on-year increased compared to EGP 1.05 billion reported in the corresponding period last year despite a challenging operating environment.

The bank’s operating revenues rose by 28.10% to EGP 3.14 billion in 9M2022, from EGP 2.45 billion in the same period a year earlier while customer deposits surged by 14.50% to EGP 71.01 billion in the nine-month ending 30 September 2022 compared to EGP 62.02 billion that was reported the same period in 2021.

NBK’s total assets stood at EGP 87.2 billion by the end of the third quarter, compared to EGP 77.5 billion at the end of 2021, up by 12.54%, while the net balance of loans and credit facilities reached EGP 48.3 billion by the end of September 2022 up by 18.51% from EGP 40.72 billion by the end of 2021.

During this reporting period, shareholders’ equity grew by 5.09% to EGP 10.8 billion from EGP 10.3 billion by the end of 2021.

“Once again, with its stellar performance, NBK-Egypt is a testament to our visionary insights over the past 15 years into the Egyptian market’s landscape and the huge potential it holds,” Shaikha Al-Bahar, the Deputy Group Chief Officer at NBK and Chairman of NBK-Egypt said in a statement.

Egypt is one of NBK Group’s key growth markets, Al-Bahr added while highlighting that NBK Group has a growing footprint in the Egyptian banking sector, in addition to being one of the fastest-growing banks, which is reflected by its financial indicators.

“Our strong financial results reflect the breadth and strength of our business model and our ability to achieve perpetual growth despite the unprecedented challenges on the local and global fronts including the COVID-19, the Russian-Ukrainian war and the supply chain bottlenecks,” Yasser El-Tayeb, the Vice Chairman, CEO and MD at NBK-Egypt said in the statement.

NBK—Egypt seeks to further strengthen its position in retail banking by offering innovative services and products to its retail clients going forward in addition to ingraining the comprehensive concept of ‘inclusive banking’, as the bank of choice that can fulfil customers’ financial needs and requirements.

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