NBK Egypt reports 33% lower profit in 2020, approves capital raise to EGP10 bln

The National Bank of Kuwait – Egypt (NBK Egypt) achieved net profits of 1.44 billion Egyptian pounds ($92 million) in 2020, down by 33.2 percent  year-on-year (YoY) from  2.16 billion pounds in 2019.

The lender’s revenues declined to 3.26 billion pounds last year, compared to 3.76 billion pounds in 2019, according to a bourse disclosure

In a separate statement, the bank’s board of directors approved a decision to increase the authorised capital to 10 billion pounds from 2.5 billion pounds.

In addition, the board also decided to raise the paid-up and issued capital to 5 billion pounds from  1.5 billion pounds through a 2.3-for-one bonus issue, totalling 350 million shares worth 3.5 billion pounds or 10 pounds per share.