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NBK eyes bigger market share in Egypt – CEO

NBK eyes bigger market share in Egypt – CEO
NBK reported a 15.1% y-on-y profit increase to KWD 107.73m in Q1-19
-0.60% 994.00 -6.00
-3.62% 40.17 -1.51

Mubasher: The National Bank of Kuwait (NBK) plans to increase its market share in the Egyptian market, mainly in the retail banking sector by providing cutting-edge solutions, the CEO of the NBK Group said.

NBK’s new branches in Saudi Arabia have begun operations, with a further focus on boosting the number of the customers and asset management, Isam Al Sager added in a statement.

The top official further noted that the bank’s branch in Paris was turned into a subsidiary in a bid to enhance NBK’s presence in Europe in the long term.

Boubyan Bank, which is a 59.15% Islamic banking unit of NBK, contributes to diversifying the bank’s profits and stepping up its position in the domestic market.

During the first quarter of 2019, NBK reported a 15.1% year-on-year profit increase to KWD 107.73 million, from 93.59 million in Q1-18.

The lender said last Sunday that its Mobile Banking App has seen more than 14 new updates and services over the course of 2018 and the beginning of 2019.

In March, NBK Egypt’s ordinary general meeting (OGM) approved the board’s proposal to distribute EGP 112.5 million at EGP 1.25 per share as cash dividend for fiscal year 2018.