Cairo – Mubasher: National Bank of Kuwait-Egypt (NBK-Egypt) registered net profits worth EGP 1.82 billion (KWD 30.70 million) in 2022, higher by 27% year-on-year (YoY) than EGP 1.43 billion (KWD 28 million).

The operating revenues stood at EGP 4.62 billion last year, up 39% from EGP 3.32 billion in 2021, according to a press release.

Total assets enlarged by 36% YoY to EGP 105.14 billion during January-December 2022 from EGP 77.49 billion. Meanwhile, the net balance of loans and credit facilities hiked by 33% YoY to EGP 54.31 billion from EGP 40.72 billion.

During the 12-month period that ended on 31 December 2022, the lender witnessed a 36% surge in customer deposits to EGP 84.46 billion, compared to EGP 62.02 billion a year earlier.

Shaikha Al Bahar, Deputy Group Chief Officer of NBK and Chairman of NBK-Egypt, highlighted that Egypt is one of the group’s key growth markets, adding that NBK-Egypt became the largest Kuwaiti investment in the country.

“Given our success so far in the Egyptian market and the fast pace of growth, I am confident that we are on the right track towards further growth and more significant market share, with a focus on the growing retail sector,” Al Bahar noted.

Yasser El-Tayeb, Vice Chairman, CEO, and Managing Director of NBK-Egypt, commented: “All financial indicators strongly support the strength of our business model and our ability to achieve perpetual growth in 2022 despite the unprecedented challenges on the local and global fronts in the aftermath of COVID-19, the Russian-Ukrainian war, and the supply chain bottlenecks, coupled with the foreign exchange rate situation after the floatation of the Egyptian Pound.”

In the first nine months (9M) of 2022, the EGX-listed bank logged net profits worth EGP 1.28 billion (KWD 22.80 million), an annual rise of 22.55% from EGP 1.05 billion (KWD 20.30 million).