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FRA greenlights NBK Egypt's capital raise

FRA greenlights NBK Egypt's capital raise
The bank decided to raise the paid-up and issued capital to EGP 5 billion from EGP 1.5 billion
NBK
NBKE
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Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved the publication of the disclosure form submitted by the National Bank of Kuwait - Egypt (NBK Egypt) to increase its capital.

The disclosure form includes the bank’s decision to raise the authorised capital to EGP 10 billion from EGP 2.5 billion.

In addition, the bank 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.

In 2020, NBK Egypt achieved net profits of EGP 1.44 billion, down by 33.2% year-on-year (YoY) from EGP 2.16 billion in 2019.