Cairo – Mubasher: The National Bank of Kuwait - Egypt (NBK Egypt) logged net profits amounting to EGP 2.57 billion (KWD 26.50 million) during the third quarter (Q3) of 2023.
The recorded net profits hiked by 99.90% from the EGP 1.28 billion (KWD 22.80 million) registered in Q3-22, according to the financial results.
Net operating income stood at EGP 6.10 billion as of 30 September 2023, higher by 96.80% year-on-year (YoY) than EGP 3.10 billion.
Meanwhile, the net interest income jumped by 89% YoY to EGP 4.90 billion from EGP 2.60 billion.
Total assets amounted to EGP 118.10 billion by the end of September 2023, up 12.40% from EGP 105.10 billion as of 31 December 2022.
The customer deposits grew by 12% to EGP 94.70 billion in Q3-23, compared to EGP 84.50 billion by the end of 2022.
Shaikha Al-Bahar, Deputy Group CEO of NBK and Chairman of NBK-Egypt, said: “NBK- Egypt successfully managed to achieve its highest historical profitability growth by the end of Q3-23.”
“The Egyptian market is particularly significant due to its promising growth opportunities and favorable prospects,” she highlighted.
“Our efforts are directed towards enhancing the quality of our services, expanding our geographical reach, and engaging with a more diverse customer base,” Al-Bahar added.
She noted: “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,” the official indicated.
In the first half (H1) of 2023, NBK Egypt posted net profits worth EGP 1.56 billion, an annual jump from EGP 756.50 million.
