National Bank of Kuwait Group (NBK) recorded a 30.8% growth in customers’ deposits in Egyptian market throughout 2013.
On the sidelines of a press conference recently held in NBK- Egypt head office, Managing Director Yasser Ismail Hassan told Amwal Al Ghad that the bank’s Egypt Unit registered EGP 17.4 billion in customers’ deposits for 2013.
NBK-Egypt’s profits inched higher by 13.2% to EGP 344 million by the end of 2013, he added.
“The Egyptian unit contributes with 6% of parent NBK’s group profits.” Hassan noted
Furthermore, the Egyptian banking official said NBK-Egypt’s total assets increased by 13.5% to EGP 20.3 billion at 2013-end.
NBK’s presence in Egypt represents a long-term investment. NBK was among the first banks in the GCC to enter the Egyptian market in 2007. Since the acquisition, NBK-Egypt has been able to deliver strong growth surpassing the sector’s average, he elaborated.