National Bank of Kuwait H1 profits rise 78.4% in Egypt

The National Bank of Kuwait (NBK), the Gulf state’s largest commercial lender, reported Sunday a 78.4 percent rise in profits in Egypt during the first half of 2017.

The bank made profits of 727 million Egyptian pounds ($40.7 million) in the six months to June 30, compared with 407 million pounds in the same period last year.

Profit before tax climbed 69.2 percent to record 961 million pounds, from 568 million pounds last year.

Deposits also rose 12.2 percent to 42.73 billion pounds at the end of June 2016, from 38.1 billion pounds at the end of December 2016.

Loans hiked 2.8 percent to 27.084 billion pounds from 26.34 billion pounds, the Kuwaiti lender added.