Cairo – Mubasher: The National Bank of Kuwait - Egypt (NBK Egypt) witnessed an annual jump of EGP 808.50 million in net profit during the first half (H1) of 2023.
NBK Egypt registered net profits worth EGP 1.56 billion during the January-June 2023 period, compared with EGP 756.50 million in the same six months (6M) a year earlier.
The net operating income stood at EGP 3.90 billion in H1-23, higher by 95% year-on-year (YoY) than EGP 2 billion.
In the first six months (6M) of 2023, the net interest income jumped by 88.20% to EGP 3.20 billion, compared to EGP 1.70 billion in the year-ago period.
Total assets reached EGP 114.80 billion as of 30 June 2023, marking a 9.20% growth compared to EGP 105.10 billion by the end of 2022. Meanwhile, the customer deposits rose by 6.40% to EGP 89.90 billion from EGP 84.50 billion.
The parent entity of NBK Egypt, the National Bank of Kuwait (NBK), elaborated that the positive results of the Egyptian arm will boost the profitability of the Kuwaiti banking group in addition to enhancing the diversification of the lender’s income resources.
Shaikha Al-Bahar, Deputy Group CEO of NBK, and Chairman of NBK-Egypt, said: “Our goal is to enhance the bank's overall market share, particularly in retail services, within the region's largest market in terms of population.”
“Egypt's operating environment is currently going through an exceptional phase, comparable to that of other emerging markets that have faced consecutive economic shocks,” Al-Bahar continued.
The CEO indicated: “However, we maintain an optimistic outlook for gradual improvement going forward. This optimism is rooted in the reform measures and exceptional actions implemented by the government and the Central Bank of Egypt (CBE).”
Vice Chairman and CEO of NBK-Egypt, Yasser El-Tayeb, highlighted: “NBK-Egypt's remarkable business performance has surpassed expectations, demonstrating its resilience and capacity for growth, even in the midst of various challenges present in both local and global markets.”
In the first quarter (Q1) of 2023, NBK Egypt logged net profits worth EGP 652.50 million, a growth from EGP 348.70 million in Q1-22.
