23/05/2015 15:46 AST
National Bank of Kuwait-Egypt, the subsidiary of National Bank of Kuwait Group (NBK) in Egypt, reported a net profit of EGP 126.3 million in the first quarter of 2015 compared to EGP 97.0 million for the same period last year, an increase of 30.2% year-on-year (y-o-y).
As of end of March 2015, NBK-Egypt’s total assets increased by 47.6% y-o-y to EGP 31.3 billion. Customers’ deposits grew by 42.8% y-o-y to EGP 26.0 billion.
Isam Al Sager, NBK Group CEO and NBK-Egypt Chairman, said: “These strong results confirm NBK- Egypt’s success in strengthening its position in the Egyptian market, which in turn affirms the success of NBK Group’s regional expansion strategy. We are positive on Egypt and the Egyptian market remains a main pillar in NBK’s international operations for its positive outlook and the growth potential it offers.”
Yasser Hassan, NBK-Egypt’s Managing Director, said: “The bank continues to post strong profits despite the challenging operating environment in Egypt, which reflects the bank’s strength and solid financial position. NBK-Egypt has been able to maintain its strong performance thanks to its conservative approach as a subsidiary of NBK Group. It has also benefited from the flight-to-safety, which is reflected in the growth in customers’ deposits and other balance sheet indicators.”
NBK-Egypt was established in 1980 under the name of Al Watani Bank of Egypt (AWB) and has a large branch network situated at strategic locations within the various Egyptian governorates and cities, including Cairo.
NBK Group has the widest banking presence in 4 continents worldwide. NBK’s international presence spans many of the world’s leading financial centers including London, Paris, Geneva, New York and Singapore, as well as China (Shanghai). Meanwhile, regional coverage extends to Saudi Arabia, UAE, Bahrain, Lebanon, Egypt, Jordan, Iraq, and Turkey.
NBK continues to collectively enjoy the highest credit ratings from the three international rating agencies; Moody’s, Fitch Ratings and Standard and Poor’s. The Bank’s ratings are supported by its high capitalization, prudent lending policies, and its disciplined approach to risk management, in addition to its highly recognized and very stable management team. NBK also maintains its position among the 50 safest banks in the world for the ninth consecutive time.
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