NBK-Egypt posts EGP 575.6 mln net profit – Total assets up 35.7% y/y to EGP 37.6 bln in 2015
KUWAIT CITY, March 29: National Bank of Kuwait — Egypt, the subsidiary of National Bank of Kuwait Group (NBK) in Egypt, reported a net profit of EGP 575.6 million for the year 2015 compared to EGP 375.5 million in 2014, an increase of 53.3% year-on-year (y-o-y).
As of end of December 2015, NBK-Egypt’s total assets increased by 35.7% y-o-y to EGP 37.6 billion. Customers’ deposits grew by 36.3% y-o-y to EGP 30.4 billion. Net loans and advances reached EGP 13.8 billion at year-end 2015, up 37.4% compared to year-end 2014.
Isam Al Sager, NBK Group CEO and NBK-Egypt Chairman, said: “These strong results confirm NBK-Egypt’s progress in strengthening its position in the Egyptian market. The Egyptian market remains a main pillar in NBK’s international operations for its positive outlook and the growth potential it offers.”
Yasser Hassan, NBK-Egypt’s Managing Director, said: “The bank continues to post strong profits despite the challenging operating environment in Egypt, which reflects the bank’s strength and solid financial position. NBK-Egypt has been able to maintain its strong performance thanks to its conservative approach as a subsidiary of NBK Group. It has also benefited from the flight-to-safety, which is reflected in the growth in customers’ deposits and other balance sheet indicators.”
NBK-Egypt was established in 1980 under the name of Al Watani Bank of Egypt (AWB) and has a large branch network situated at strategic locations within the various Egyptian governorates and cities, including Cairo.
NBK Group has the widest banking presence in 4 continents worldwide. NBK’s international presence spans many of the world’s leading financial centers including London, Paris, Geneva, New York and Singapore, as well as China (Shanghai). Meanwhile, regional coverage extends to Saudi Arabia, UAE, Bahrain, Lebanon, Egypt, Jordan, Iraq, and Turkey.
NBK continues to collectively enjoy the highest credit ratings from the three international rating agencies; Moody’s, Fitch Ratings and Standard and Poor’s. The Bank’s ratings are supported by its high capitalization, prudent lending policies, and its disciplined approach to risk management, in addition to its highly recognized and very stable management team. NBK also maintains its position among the 50 safest banks in the world for the tenth consecutive time.