Al-Bahar: 

  • NBK-Egypt’s stellar performance in 2022 is a testament to the Group's visionary insights and confidence in the great prospects of the Egyptian market.
  • We are transferring the Group's experience in digital transformation to enhance the bank's competitiveness.
  • NBK-Egypt is one of the fastest-growing banks in Egypt, with a significant presence in the Egyptian market.
  • We plan to expand our market share, increase banking transactions, and improve product and service quality to meet rising demand.

El-Tayeb: 

  • NBK-Egypt continues to deliver solid results, achieving significant growth across all financial indicators.
  • We are focused on improving our market position in retail banking by providing the most innovative financial services and products.
  • NBK-Egypt continues to expand its electronic services and accelerate its digital transformation efforts.
  • CSR is integrated into the Bank’s DNA, and we continue to expand our efforts

National Bank of Kuwait - Egypt (NBK-Egypt) reported EGP 1.826 billion in net profits for the twelve-months ended December 31, 2022, up 27% year-on-year, compared to EGP 1.439 billion in the corresponding period last year.

Operating revenues grew by 39% to EGP 4.626 billion by the end of FY2022, from EGP 3.327 billion in 2021.

Total assets stood at EGP 105.14 billion by the end of FY2022, compared to EGP 77.49 billion at the end of 2021, up by 36%, while the net balance of loans and credit facilities reached EGP 54.31 billion in 2022, up by 33% from EGP 40.72 billion in 2021.

Meanwhile, customer deposits grew 36% to EGP 84.46 billion by the end of 2022 from EGP 62.02 billion in 2021.

By the end of December 2022, shareholders’ equity grew by 9% to EGP 11.270 billion from EGP 10.298 billion in 2021.

Commenting on the financial results announced by NBK-Egypt, Ms. Shaikha Al-Bahar, Deputy Group Chief Officer, National Bank of Kuwait, and Chairman of NBK-Egypt, said: “Since entering the Egyptian market in 2007, NBK-Egypt's profitability and financial results have grown strongly, demonstrating once again the Group’s visionary insights and the growth prospects of this promising market”.

Al-Bahar confirmed that Egypt is one of the Group’s key growth markets and that NBK - Egypt has become the largest Kuwaiti investment in the country, adding that the Bank successfully positioned itself as a leading financial institute on the map of private banks operating in Egypt. “Given our success so far in the Egyptian market and the fast pace of growth, I am confident that we are on the right track towards further growth and more significant market share, with a focus on the growing retail sector,” Al-Bahar said.  

In addition, Al-Bahar highlighted that the Group is currently concentrating on transferring its knowledge, especially in the digitalization sphere, to improve Egypt's NBK's competitiveness, create more synergies across the Group, and diversify the Bank's revenue streams.

"At NBK-Egypt, we always strive to deliver the best-in-class banking experience, meeting and exceeding our customers’ expectations. Furthermore, we support the private sector by expanding the loan portfolio of SMEs and diversifying our offerings to cover new locations and reach more customers." Al-Bahar confirmed.

Meanwhile, Vice Chairman, CEO, and Managing Director of National Bank of Kuwait-Egypt, Mr. Yasser El-Tayeb, said: “All financial indicators strongly support the strength of our business model and our ability to achieve perpetual growth in 2022 despite the unprecedented challenges on the local and global fronts in the aftermath of COVID-19, the Russian-Ukrainian war, and the supply chain bottlenecks, coupled with the foreign exchange rate situation after the floatation of the Egyptian Pound.”

El-Tayeb emphasized that the Bank’s growth is consistently balanced across all business activities while maintaining the highest adequacy rates and lowest risk ratios, positioning NBK-Egypt for sustained growth. This leadership position results from the Group's prudent policies and versatile business model, better positioning NBK-Egypt to meet the shifting demands of its customers and diversify its revenue streams.

El-Tayeb added that NBK-Egypt’s revenues are appropriately balanced between corporate and retail credit segments, which have been consistently growing over the past few years, with a very diversified credit portfolio including a wide range of businesses across various sectors. Meanwhile, the retail banking portfolio is also well diversified. This solid position reflects the Bank’s strength and the diversity of its revenue streams. He also highlighted that going forward, NBK-Egypt strives to further strengthen its position in retail banking through offering innovative services and products to its retail customers, in addition to ingraining the comprehensive concept of “inclusive banking” as the bank of choice that fulfills all their financial needs and requirements, in addition to continuing the horizontal growth plan by inaugurating new branches covering key locations throughout the Egyptian market.

"We firmly believe in the key role of digital solutions and alternative channels in the banking sector, as we recognize their importance in maintaining our competitive advantages among our peers," Al-Tayeb said, adding that NBK Egypt continues to expand its digital channels and invest heavily in technologies to provide customers with an optimum banking experience around the clock from anywhere without the need to visit a branch. "We continue to motivate our consumers to extend their usage of digital channels and e-payment options in line with the Egyptian government and Central Bank of Egypt's approach towards broader financial inclusion. These initiatives help to integrate new consumers and companies into the financial system, which contributes to the transition to a cashless society and, eventually, a digital economy,” he added.

In 2022, NBK-Egypt completed a critical phase of developing its digital infrastructure and core operating system, better positioning the Bank to provide its clients with the best and fastest financial services.

As for Corporate Social Responsibility (CSR), El-Tayeb stated that since NBK Group entered the Egyptian market in 2007, NBK- Egypt has spared no effort to fulfill its responsibilities to serve the Egyptian community, including the support, donations, and contributions it provides to many charitable foundations and partnerships with some of the most renowned civil society organizations. NBK-Egypt is dedicated to helping Egyptian society by focusing on development initiatives that align with the UN Sustainable Development Goals (SDGs) and Egypt Vision 2030 and target the following pillars:

  • Economic development 
  • Urban development
  • Education 
  • Health care

-Ends-

About the Bank

NBK-Egypt has a vast network of 52 branches spread over premium locations in various Egyptian governorates and cities, including Cairo, Giza, Alexandria, Delta, Red Sea, Upper Egypt, and the industrial zones in 6th of October 10th of Ramadan cities. The Bank is also privileged to be among the elite banks within the Egyptian market that offer Islamic banking services in addition to its conventional products throughout its Islamic branches. Moreover, NBK-Egypt has a wide network of ATMs nationwide to service the Bank’s clients around the clock.

National Bank of Kuwait (NBK) 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 (A1), Standard and Poor’s (A), and Fitch Ratings (A+). The Bank’s ratings are supported by its strong financial indicators, asset quality, and high capitalization, in addition to its highly recognized and very stable management team, as well as strategic vision and stable funding base. NBK enjoys the most comprehensive banking presence with a local and international network with international presence in the world’s leading financial centers including China, Geneva, London, Paris, New York, and Singapore, in addition to its regional presence in Egypt, Lebanon, Bahrain, Saudi Arabia, Iraq, and the UAE.