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NBK Egypt’s profit up 14% in 9M

NBK Egypt’s profit up 14% in 9M
Loans and credit facilities retreated to EGP 29.934 billion
NBK
NBKE
-0.26% 19.05 -0.05

Cairo – Mubasher: National Bank of Kuwait - Egypt (NBK Egypt) reported a 13.79% year-on-year profit increase during the first nine months of 2019.

The bank’s net profits grew to EGP 1.66 billion in the nine-month period ended 30 September, compared to EGP 1.46 billion in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Thursday.

In the meantime, loans and credit facilities retreated to EGP 29.934 billion in the January-September period from EGP 38.634 billion in the corresponding period a year earlier.

The bank’s assets fell to EGP 69.32 billion at the end of September, compared to EGP 73.496 billion in the prior-year period.

On the other hand, deposit portfolio stood at EGP 56.149 billion in the first nine months of the year, up from EGP 53.158 billion in the same period of 2018.

It is noteworthy that during the six-month period ended 30 June, NBK Egypt recorded a net profit of EGP 1.05 billion, compared to EGP 988.7 million in H1-18.