Cairo – Mubasher: National Bank of Kuwait - Egypt (NBK-Egypt) generated net profits of EGP 5.20 billion in the first nine months (9M) of 2024, an annual leap of 101% from EGP 2.60 billion.
Net operating income stood at EGP 9.70 billion as of 30 September 2024, recording a substantial increase of 57% from EGP 6.20 billion in 9M-23, according to the financial results.
The net interest income grew by 65% year-on-year (YoY) to EGP 8.20 billion in 9M-24 from EGP 5 billion.
Total assets amounted to EGP 181.90 billion by the end of the third quarter (Q3) of 2024, up 39% from EGP 130.60 billion as of 31 December 2023.
NBK Egypt reported 29% higher total loans and credit facilities expanded to EGP 98.10 billion in Q3-24, compared to EGP 76.10 billion recorded at the end of 2023. The customer deposits increased by 39% to EGP 147.20 billion from EGP 105.90 billion.
Shaikha Al Bahar, Chairman of NBK-Egypt, said: “We are committed to enhancing service quality, expanding our geographical reach, and engaging with a broader and more diverse customer base.”
“This strategy leverages the substantial advancements the bank has achieved in digital infrastructure, information technology, and electronic channels, which have experienced remarkable growth,” Al Bahar continued.
She noted: “These developments have positioned the bank as a strong competitor in the Egyptian banking sector, particularly amidst the growing demand for banking services and the rising rates of financial inclusion."
The Vice Chairman, CEO, and Managing Director of NBK-Egypt, Yasser El-Tayeb, elaborated: “Despite the exceptional challenges faced by the business community both locally and globally, the bank's financial performance at the end of Q3-24 underscores its resilience and capacity for growth.”
As of 30 June 2024, the net profits of NBK Egypt enlarged by 102% YoY to EGP 3.17 billion from EGP 1.57 billion.
