Cairo – Mubasher: The ordinary general meeting (OGM) of the National Bank of Kuwait - Egypt (NBK Egypt) approved a decision to increase the paid-up and issued capital to EGP 5 billion from EGP 1.5 billion.

The capital increase will be financed from 2020’s retained earnings, the bank said in a bourse disclosure on Sunday.

The shareholders also approved the allocation of EGP 200 million from divisible profits as general reserves as well as retaining 5% of net profits as general reserves.

In February, the bank’s board recommend a capital increase of EGP 3.5 billion through a 2.3-for-one bonus issue, totalling 350 million shares worth EGP 10 per apiece.

During 2020, NBK Egypt achieved net profits of EGP 1.44 billion, down from EGP 2.16 billion in 2019.