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NBK Egypt reports 33% lower profit in 2020, approves capital raise

NBK Egypt reports 33% lower profit in 2020, approves capital raise
The lender’s revenues declined to EGP 3.26 billion last year
NBK
NBKE
-0.26% 19.05 -0.05

Cairo – Mubasher: The National Bank of Kuwait – Egypt (NBK Egypt) achieved net profits of EGP 1.44 billion in 2020, down by 33.2% year-on-year (YoY) from EGP 2.16 billion in 2019.

The lender’s revenues declined to EGP 3.26 billion last year, compared to EGP 3.76 billion in 2019, according to a bourse disclosure on Wednesday.

In a separate statement, the bank’s board of directors approved a decision to increase the authorised capital to EGP 10 billion from EGP 2.5 billion.

In addition, the board also decided to raise the paid-up and issued capital to EGP 5 billion from EGP 1.5 billion through a 2.3-for-one bonus issue, totalling 350 million shares worth EGP 3.5 billion or EGP 10 per share.

During the first nine months of 2020, NBK Egypt logged EGP 1.09 billion in net profits, down from EGP 1.66 billion in the corresponding period a year earlier.