Cairo – Mubasher: National Bank of Kuwait - Egypt (NBK Egypt) has logged net profits valued at EGP 3.17 billion (KWD 24.90 million) in the first half (H1) of 2024.

The registered net profits were higher by 102% year-on-year (YoY) than EGP 1.57 billion (KWD 16.20 million), according to a press release.

Net operating income hit EGP 6.10 billion in H1-24, an annual hike of 56% from EGP 3.90 billion.

In the first six months (6M) of 2024, the net interest income enlarged by 62% to EGP 5.20 billion from EGP 3.2 billion in H1-23.

Total assets reached EGP 163.20 billion as of 30 June 2024, up 25% from EGP 130.6 billion at the end of December 2023. Meanwhile, total loans and credit facilities grew by 25.43% to EGP 95.40 billion from EGP 76.06 billion. 

Additionally, customer deposits jumped by 21.91% to EGP 129.14 billion by the end of H1-24 from EGP 105.93 billion at the end of 2023.

Shaikha Al Bahar, Chairman of NBK-Egypt, said: “The bank's operations in Egypt continue to rank among the most profitable within the Group, showcasing the highest rates of return on equity and assets.”

"We are committed to enhancing the quality of our services, expanding our geographical footprint, and reaching a more diverse customer base," Al Bahar added.

The Chairman indicated: “This is made possible by the significant advancements in our digital infrastructure, information technology, and digital channels. These developments have positioned NBK-Egypt as a strong competitor in the Egyptian banking market.”

The Vice Chairman, CEO, and Managing Director of NBK-Egypt, Yasser El-Tayeb, said: “The strength of the bank's business results in H1-24, which have exceeded all expectations and targets for this period of the year, reflects the resilience and adaptability of our business model.”

He noted: “Our credit portfolio is notably diverse, covering large, medium, and small enterprises, while our retail banking portfolio serves a wide array of customer segments. This diversity is a testament to the strength and resilience of our income streams.

“Looking ahead, we are dedicated to further solidifying our leadership in the retail banking sector by delivering more advanced services and products tailored to the evolving needs of our diverse customer base,” El-Tayeb stated.

As of 31 March 2024, NBK Egypt posted 96.32% YoY higher net profits at EGP 1.28 billion (KWD 11.71 million).