National Bank of Kuwait-Egypt, the subsidiary of National Bank of Kuwait Group (NBK) in Egypt, reported net profits of EGP 97.0 million in the first quarter of 2014 compared with EGP 86.6 million in the same period last year, an increase of 12% year-on-year (y-o-y).
As of end of March 2014, NBK-Egypt total assets increased by 21.1% y-o-y to EGP 21.2 billion. Customers’ deposits grew 32.8% y-o-y to EGP 18.2 billion.
Isam Al Sager, NBK Group CEO and NBK-Egypt Chairman, said that “NBK-Egypt’s strong results confirm the bank’s progress in strengthening its position in the Egyptian market, providing world-class services and products that reflect NBK’s reputable position regionally and its strong reputation internationally.” Al Sager added: “This solid performance also affirms the success of NBK Group’s regional expansion efforts as 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 that “despite the challenging operating environment, the Bank has been able to maintain its strong performance thanks to its conservative approach as a subsidiary of NBK Group. NBK-Egypt 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 with around 170 branches 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, Qatar, 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 eighth consecutive time.