Cairo – Mubasher: National Bank of Kuwait - Egypt (NBK Egypt) achieved net profits worth EGP 652.50 million, equivalent to KWD 6.90 million, in the first quarter (Q1) of 2023, an 87% growth from EGP 348.70 million which is equivalent to KWD 6.70 in Q1-22.
The lender generated net interest income of EGP 1.54 billion in the first three months (3M) of 2023, which was 100% higher than EGP 770 million in the corresponding period a year earlier.
Moreover, customer deposits amounted to EGP 88.30 billion during the January-March 2023 period, a positive trend of 4.50% increase from EGP 84.50 billion by the end of 2022.
NBK Egypt's total assets totalled EGP 109.30 billion as of 31 March 2023, marking a 4% rise compared to EGP 105.10 billion at the end of 2022.
Shaikha Al Bahar, Deputy Group CEO of NBK and Chairperson of NBK Egypt, said: “The significant increase in NBK Egypt's profits reported in Q1-23, coupled with its sustained profitability growth, underscores the strength of our financial position and the resilience of our business model. Despite the escalating operational challenges, our flexible approach has enabled us to generate profits and maintain a solid performance."
Meanwhile, the net operating income generated by the bank reached EGP 1.85 billion in Q1-23, a substantial growth of 99% from EGP 930 million in Q1-22.
In terms of the bank’s diversification strategy and the acceleration of its digital transformation, Al Bahar noted: “Our goal is to enhance the bank's overall market share, particularly in retail services, within the region's largest market in terms of population. With Egypt’s sizable young population, we are focused on catering to their needs and expanding our reach.”
She further said: “Egypt's operating environment is currently going through an exceptional phase, comparable to that of other emerging markets that have faced consecutive economic shocks. However, we maintain an optimistic outlook for gradual improvement going forward. This optimism is rooted in the reform measures and exceptional actions implemented by the government and the Central Bank of Egypt (CBE).”
Meanwhile, Yasser El-Tayeb, Vice Chairman, CEO, and Managing Director of NBK Egypt, said: “NBK Egypt’s exceptional business results showcase its resilience and growth potential, even in the face of numerous challenges in both local and global markets.”
El-Tayeb added: "We strongly acknowledge the pivotal role of digital solutions and alternative channels in the banking industry, as we understand their significance in preserving our competitive edge over our counterparts."
In 2022, NBK Egypt logged net profits worth EGP 1.82 billion, equivalent to KWD 30.70 million, while its customer deposits totalled EGP 84.46 billion.