• Al-Bahar:
    • NBK-Egypt posted the highest profit growth in its history, effectively strengthening its position in the Egyptian market.
    • The modernization of our digital infrastructure and information technology has positioned the bank as a strong competitor in the banking sector.
    • We are focused on expanding our market share, enhancing banking transactions, and elevating their quality to meet increasing demand.
    • Despite operational challenges, Egypt remains a key growth market and a strategic long-term investment for the Group.
  • El-Tayeb:
    • NBK-Egypt maintains its robust performance, achieving substantial growth across all its financial indicators.
    • Our focus is on reinforcing our presence in both the corporate and retail banking sectors.
    • By investing in green initiatives, we aim to play a role in the global transition to green financing and the development of a green economy. 
    • We are committed to extending our digital offerings and actively contribute to the ongoing trend towards digital transformation.

National Bank of Kuwait - Egypt (NBK-Egypt) has announced net profits of EGP 2.574 billion (equivalent to KWD 26.5 million) at the end of the third quarter 2023. This marks a significant increase from the EGP 1.288 billion (equivalent to KWD 22.8 million) recorded in the corresponding period of last year, representing an impressive annual growth of 99.9%.

Net Operating Income stood at EGP 6.1 billion, recording a substantial increase of 96.8% from the EGP 3.1 billion recorded in the corresponding period last year. In the meantime, Net Interest Income jumped by 89%, reaching EGP 4.9 billion compared to EGP 2.6 billion in the corresponding period of 2022.

On the other hand, Net Operating Income (excluding interests) increased to EGP 1.18 billion by the end of the third quarter, compared to EGP 508 million in the corresponding period of 2022, up by 132.3%, while Cost to Net Operating Income dropped from 37.9% in 3Q2023 to 31.9% in 3Q2023.

Total assets reached EGP 118.1 billion by the end of September 2023, up by 12.4% compared to the year-end balance of EGP 105.1 billion in 2022. Furthermore, the net balance of loans and credit facilities expanded to EGP 68.6 billion by the end of September 2023, reflecting a growth rate of 24.7% compared to EGP 55 billion recorded at the end of 2022. Moreover, customer deposits continued to grow, rising by 12% to reach EGP 94.7 billion in 3Q2023, compared to EGP 84.5 billion by the end of 2022.

Commenting on the financial results announced by NBK-Egypt, Ms. Shaikha Al-Bahar, Deputy Group Chief Executive Officer, National Bank of Kuwait, and Chairman of NBK-Egypt, said: “NBK- Egypt successfully managed to achieve its highest historical profitability growth by the end of the 3Q2023. This accomplishment highlights the bank's continuous accomplishments to strengthen its foothold in the Egyptian market, which is considered a key growth market for the Group. The Egyptian market is particularly significant due to its promising growth opportunities and favorable prospects.”

Al-Bahar emphasized that the continuous expansion of NBK-Egypt's balance sheet and the favorable progress evident in diverse financial indicators serve as a testament to the success of the bank's diversification strategy. This success is further underscored by the swift progress in its digital transformation initiatives, which aim to broaden the bank's overall market presence, especially in retail services. This strategic focus is particularly significant in the region's largest market, measured by population.

“Our efforts are directed towards enhancing the quality of our services, expanding our geographical reach, and engaging with a more diverse customer base, as we continue to leverage the notable progress the bank is undergoing in terms of advancing and modernizing our digital infrastructure, information technology, and electronic channels. These improvements mark a substantial leap forward, establishing the bank as a powerful competitor in the banking sector,” Al-Bahar added.

“Egypt's operating environment is currently going through an exceptional phase, comparable to that of other emerging markets that have faced consecutive economic shocks. However, we maintain an optimistic outlook that the recent monetary and financial reform measures implemented by the government and the Central Bank of Egypt will positively impact economic performance, contributing to overall growth,” She noted.

“Egypt is a key growth market for the Group, serving as a strategic long-term investment. The current growth and success we are currently experiencing affirm the Group's forward-thinking vision in choosing Egypt as a strategic investment destination. We are committed to further developing our presence in the country, driven by the rising demand for banking services and higher financial inclusion rates,” Al-Bahar concluded.

Meanwhile, Vice Chairman, CEO, and Managing Director of National Bank of Kuwait-Egypt, Mr. Yasser El-Tayeb, said: “NBK-Egypt's remarkable business performance has surpassed expectations and our targets for the year, demonstrating the resilience of our business model and its ability to grow, even in the midst of various challenges present in both local and global markets.”

El-Tayeb emphasized that NBK-Egypt maintains a well-balanced distribution of revenue across diverse business activities. This strategic approach is coupled with efficient operational rates and risk ratios, aligning with the dual objectives of achieving growth and ensuring business sustainability. Credit for this success is attributed to the bank's prudent policies and a sound business model, demonstrating its capability to meet customer needs and diversify income sources effectively.

El-Tayeb further explained that the majority of NBK's income sources in Egypt are well-balanced, derived from credit operations in both the corporate sector and the rapidly expanding retail banking sector. The latter has notably increased in prominence, particularly in recent years, with a very diversified credit portfolio including a wide range of businesses across various sectors ranging from large scale corporations to SMEs. 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 by offering innovative services and products to its retail customers, in addition to continuing the horizontal growth plan by inaugurating new branches covering key locations throughout the Egyptian market.

Furthermore, El-Tayeb highlighted NBK-Egypt's commitment to align its strategies with the global movement towards sustainable finance and the transition to a green economy. The Bank aims to actively support environmentally friendly projects that promote sustainability and the utilization of renewable energy sources to mitigate climate change, since sustainable financing has emerged as a fundamental mechanism and instrument for facilitating and maintaining enduring financial stability.

Recognizing the pivotal role of technological tools and electronic channels in the banking sector and acknowledging their significance in bolstering competitive advantages among banks, NBK has persistently and decisively advanced its support for electronic services. It actively encourages customers to broaden their utilization for payments, aligning with the overall policy of the state and the Central Bank of Egypt. In this context, NBK-Egypt aims to foster financial inclusion, bringing new segments of customers into the official banking system to contribute to the evolution towards a society with reduced dependence on physical currency.

About the Bank

NBK-Egypt has a vast network of 53 branches spread over premium locations in various Egyptian governorates and cities, including Cairo, Giza, Alexandria, Delta, Red Sea, Port Said, 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 vast network of ATMs nationwide to service the Bank’s clients around the clock. Furthermore, the bank offers a wide range of digital and electronic services, providing its customers with a unique banking experience. These services enable customers to conveniently conduct their banking transactions anytime and anywhere, eliminating the need to visit the bank for every transaction.

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.​​​​