NBK - Egypt reports $20.96m Q1 profit

25/05/2016 05:35 AST

National Bank of Kuwait-Egypt (NBK-E) reported net profits of EGP186.6 million ($20.96 million) for the first quarter of 2016 compared with EGP126.3 million for the same period in 2015, growing at 47.7 per cent year-on-year.

Total assets as of end-March 2016 grew 24.7 per cent year-on-year reaching EGP39 billion compared to EGP31.3 billion as of end-March 2015, while customer deposits grew by 19.2 per cent during the same period to reach EGP31 billion compared to EGP26 billion in 2015.

Isam Al-Sager, group chief executive officer and NBK-Egypt chairman, said “The solid growth achieved affirms NBK-Egypt’s successful strategy in better-positioning itself in the Egyptian market, offering best-in-class products and services to its customers. This is also a testimony to NBK Group’s successful regional expansion strategy where Egypt is one of its main pillars considering the strong outlook and promising growth opportunities that the Egyptian market offers”.

Dr Yasser Hassan, managing director of NBK-Egypt, highlighted the solid performance of the bank delivering strong growth in all financial indicators despite the challenging operating environment in Egypt. This strong performance is attributed to the bank’s conservative strategy as a member of the NBK Group. This strategy mainly focuses on diversifying the loan portfolio and providing the best financial solutions tailored for clients, reflecting thorough analyses of customer needs and market conditions.

NBK-Egypt (previously Al Watany Bank of Egypt) is a member of National Bank of Kuwait Group and was established in 1980. The bank has a network of 41 branches situated at strategic locations within the various Egyptian governorates and cities including Cairo, Giza, Alexandria, Delta, Sinai, and the Red Sea as well as in industrial areas such as Sixth of October and Tenth of Ramadan cities.

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