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

Wednesday 15 May 2019
Isam Jassim Al-Sager, NBK’s Group Chief Executive Officer and NBK-Egypt Chairman
Cairo - MENA Herald:

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.

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