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NBK Egypt records 96% YoY higher profit in Q1-24

NBK Egypt records 96% YoY higher profit in Q1-24
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NBK
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Riyadh – Mubasher: National Bank of Kuwait - Egypt (NBK Egypt) has posted a 96.32% year-on-year (YoY) surge in net profit to EGP 1.28 billion (KWD 11.71 million) in the first quarter (Q1) of 2024 from EGP 652 million (KWD 6.88 million).

Net operating Income jumped 48.60% YoY to EGP 2.75 billion in Q1-24 from EGP 1.85 billion in Q1-23, according to a press release.

Net interest income leapt by 53.90% YoY to EGP 2.37 billion in the three-month period that ended on 31 March 2024, versus EGP 1.54 billion.

Total assets increased by 19.10% year-to-date (YTD) to EGP 155.56 billion in the January-March period, while clients’ deposits rose by 19.64% YTD to EGP 126.73 billion.

Shaikha Al Bahar, Deputy Group CEO of NBK Egypt, said: “Egypt remains one of the most prominent strategic markets for the growth of the Group's business, consistently regarded as its second local market."

“The bank, as the largest Kuwaiti investment on Egyptian soil, has established a significant presence as one of the fastest-growing banks within the Egyptian banking sector. This growth is reflected in the financial indicators and record business results achieved by NBK-Egypt, particularly in recent years,” Al Bahar added.

Meanwhile, Yasser El-Tayeb, Vice Chairman, CEO, and Managing Director of NBK Egypt, noted: “The strength of the bank's business results, which have exceeded all expectations and targets for this period of the year, reflects the resilience and adaptability of our business model. This growth continues despite the exceptional market challenges we face locally, regionally, and globally.”

“We have consistently reinforced our electronic services. We actively encourage customers to broaden their usage of these services for payments, aligning with the overarching policy of the state and the Central Bank of Egypt (CBE),” El-Tayeb added.

In 2023, NBK Egypt’s net profit soared to EGP 4.02 billion from EGP 1.82 billion the year before.