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NBK-Egypt reports EGP 7.3bln (Equivalent to KWD 51.9mln) in net profit in FY2024

NBK-Egypt reports EGP 7.3bln (Equivalent to KWD 51.9mln) in net profit in FY2024

Zawya16-02-2025
Al-Bahar:
In 2024, we delivered the highest profit in the bank's history, driven by strong operational performance across our business segments
Financial indicators reaffirm that we are on the right path toward further expansion and market share growth
NBK-Egypt remains one of the fastest-growing banks, strengthening its presence with a distinctive footprint in the Egyptian market
Our strategic focus is on advancing banking transactions and enhancing their quality to meet the rising demand
El-Tayeb:
The bank continues to deliver strong performance, surpassing expectations across all financial indicators
We remain focused on strengthening our position in both the corporate and retail banking sectors
NBK-Egypt continues its expansion in digital services and products to cater to a diverse customer base
Aligned with global trends, we are committed to supporting sustainable finance and the transition to a green economy
CSR remains a core priority, reinforcing our commitment to long-term community impact.
National Bank of Kuwait - Egypt (NBK-Egypt) reported net profits of EGP 7.3 billion (Equivalent to KWD 51.9 million ) for the financial year 2024 compared to EGP 4.021 billion (Equivalent to KWD 41.4 million) reported in 2023 marking an impressive 81% increase compared to financial year 2023.
Net Operating Income stood at EGP 13.5 billion by the end of FY2024, recording a substantial increase of 57% from EGP 8.7 billion recorded by the end of FY2023. In the meantime, Net Interest Income grew by 66%, reaching EGP 11.6 billion compared to EGP 7 billion in FY2023.
Meanwhile, Net Operating Income (excluding interests) increased to EGP 1.9 billion in FY2024, compared to EGP 1.7 billion in FY2023, up by 17%, while Cost to Net Operating Income dropped from 28% in FY2023 to 21.2% in FY2024.
Total assets reached EGP 196 billion by the end of FY2024, up by 50% compared to EGP 131 billion by the end of FY2023. Furthermore, total loans and credit facilities expanded to EGP 104 billion in FY2024, reflecting a growth rate of 37% compared to EGP 76 billion recorded at the end of FY2023. Additionally, customer deposits increased to EGP 160 billion by the end of FY2024, up from EGP 106 billion at the end of FY2023, representing a growth rate of 51%.
Furthermore, the Return on Average Assets (ROAA) improved to 4.5% by the end of FY2024, compared to 3.4% by the end of FY2023, while the Return on Average Equity (ROAE) increased to 39.2% in FY2024, up from 30.7% in FY2023.
Commenting on the financial results announced by NBK-Egypt, Ms. Shaikha Al-Bahar, Deputy Group Chief Executive Officer, National Bank of Kuwait, and Chairman of NBK-Egypt, said: 'NBK-Egypt delivered record profits in 2024, underscoring the success of its operational strategy and reaffirming its trajectory toward further strengthening its position in the Egyptian market. As NBK Group's most significant market outside Kuwait, Egypt holds substantial growth potential, driven by its promising opportunities and positive economic outlook.'
Al-Bahar highlighted that NBK's operations in Egypt are among the group's most profitable, delivering the highest returns on equity and assets.
Al-Bahar emphasized that the sustained expansion of the balance sheet and the growth of the bank's financial indicators reaffirm the success of its business diversification strategy and accelerated digital transformation. This approach aims to strengthen market share, particularly in retail banking, within the region's most populous country and a key hub for investment opportunities.
'We are committed to enhancing service quality, expanding our geographical presence, and reaching a more diverse customer base. This progress is driven by the significant advancements in our digital infrastructure, information technology, and alternative electronic channels, which have positioned the bank as a strong competitor with a distinct presence in the Egyptian banking sector. This comes amid the rising demand for banking services and the increasing momentum of financial inclusion,' Al-Bahar stated.
'Egypt is a key growth market for NBK Group and a long-term strategic investment, where the Group remains committed to reinforcing its presence and strengthening its position,' Al-Bahar confirmed.
Meanwhile, Vice Chairman, CEO, and Managing Director of National Bank of Kuwait-Egypt, Mr. Yasser El-Tayeb, said: 'The bank's strong financial performance at the end of 2024 surpassed expectations and targets, despite challenges and exceptional circumstances affecting the business environment both locally and globally. This achievement underscores the bank's resilience and prudent business model, reinforcing its ability to sustain success and growth.'
Al-Tayeb emphasized that the bank's growth is balanced across all business activities, ensuring efficiency and a risk profile aligned with sustainable expansion. This success is driven by a prudent strategy that meets the evolving needs of both corporate and individual clients while diversifying income streams.
Al-Tayeb noted that the bank's income sources stem from credit operations in the corporate sector, alongside a rapidly expanding retail banking segment, which has grown significantly in recent years. The bank's credit portfolio reflects a diverse client base, encompassing large, medium, and small enterprises, while its retail banking portfolio serves a broad spectrum of customers. This diversity underscores the strength and stability of the bank's revenue streams. He further emphasized the bank's commitment to strengthening its position in retail banking by introducing more advanced services and products tailored to meet customers' evolving financial needs and aspirations.
El-Tayeb further emphasized NBK-Egypt's commitment to supporting the global shift toward sustainable finance and the transition to a green economy. The bank actively backs environmentally friendly projects that promote sustainability and increased reliance on renewable energy while exploring solutions to mitigate climate change and reduce carbon emissions. He highlighted that sustainable finance has become a vital tool for ensuring long-term financial stability and resilience.
He also affirmed the bank's strong commitment to leveraging technology and digital channels to enhance its competitive edge in the banking sector. Recognizing their pivotal role, NBK-Egypt continues to expand its electronic services and encourage broader customer adoption of digital payments. This aligns with the broader strategy of the Egyptian government and the Central Bank of Egypt to promote financial inclusion, integrate new customer segments into the formal banking system, and drive the transition toward a less cash-dependent economy.
El-Tayeb concluded by highlighting NBK-Egypt's steadfast commitment to social responsibility, emphasizing that since the Group's entry into the Egyptian market in 2007, the bank has actively supported the local community. Through partnerships with reputable civil society organizations, NBK-Egypt channels its development efforts toward impactful initiatives, reinforcing its role as a responsible corporate citizen. Social responsibility remains a cornerstone of the bank's sustainability strategy, contributing to national development across key areas, including:
Healthcare provision
Education and employment support
Environmental conservation
Social solidarity
Development of underserved areas
Economic development
About the Bank:
NBK-Egypt has a vast network of 53 branches spread over premium locations in various Egyptian governorates and cities, including Cairo, Giza, Alexandria, Delta, Red Sea, Port Said, Upper Egypt, and the industrial zones in 6th of October 10th of Ramadan cities. The Bank is also privileged to be among the elite banks within the Egyptian market that offer Islamic banking services in addition to its conventional products throughout its Islamic branches. Moreover, NBK-Egypt has a vast network of ATMs nationwide to service the Bank's clients around the clock. Furthermore, the bank offers a wide range of digital and electronic services, providing its customers with a unique banking experience. These services enable customers to conveniently conduct their banking transactions anytime and anywhere, eliminating the need to visit the bank for every transaction.
National Bank of Kuwait (NBK) was incorporated in 1952 as the first local bank and the first shareholding company in Kuwait and the Gulf region. NBK continues to enjoy collectively one of the highest ratings among all banks in the Middle East from the three international rating agencies Moody's (A1), Standard and Poor's (A), and Fitch Ratings (A+). The Bank's ratings are supported by its strong financial indicators, asset quality, and high capitalization, in addition to its highly recognized and very stable management team, as well as strategic vision and stable funding base. NBK enjoys the most comprehensive banking presence with a local and international network with international presence in the world's leading financial centers including China, UK, Paris, USA, and Singapore, in addition to its regional presence in Egypt, Lebanon, Bahrain, Saudi Arabia, Iraq, and the UAE.
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Egyptian village remains tied to tradition of carpet weaving as industry frays
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Egyptian village remains tied to tradition of carpet weaving as industry frays

In the small village of Saqiyat Abu Sharah, in the Menoufia province of Egypt, the rhythmic clatter of looms once defined daily life. Known for its intricate handmade carpets, the village was a hub of artistry, its rugs coveted around the world. But today that work has slowed, replaced by the hum of machines and the whispers of an uncertain future. Atef Salah Abdel Razek, 42, owns one of the few remaining factories for handmade-carpet in Saqiyat Abu Sharah. The village, he recalls, was once synonymous with exquisite silk carpets. 'Ten or 15 years ago, every carpet produced here was made of pure silk,' Mr Abdel Razek says. 'Now, due to economic changes, particularly the currency devaluations, we've had to turn to alternative materials like cotton and synthetic blends.' Egypt, alongside Iran and Turkey, has long been a major player in the global handmade carpet market. But a series of economic upheavals, including the devaluation of the Egyptian pound, has profoundly altered the industry. Since 2016, when Egypt floated its currency as part of a deal with the International Monetary Fund, the pound has plummeted through five separate devaluations, the latest in 2024. The cost of raw materials has rocketed, pricing out many craftsmen and buyers. Pure silk, once the hallmark of carpets from Saqiyat Abu Sharah, is now a rare luxury, Mr Abdel Razek explains. 'A square metre of pure animal-fibre carpet today can cost up to 30,000 Egyptian pounds [$600],' he says. In contrast, synthetic alternatives cost as little as 180 pounds a metre. In 2010, a square metre of a high-quality handmade rug was sold for 2,000 Egyptian pounds. That was about $500 given the exchange rate at the time. 'The kind of customer we need is someone who values things in US dollars,' he says. 'For them, 5,000 Egyptian pounds is $100, so it doesn't feel as expensive.' 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Al-Sager: Our strong operational performance continued, with robust profits
Al-Sager: Our strong operational performance continued, with robust profits

Zawya

time9 hours ago

  • Zawya

Al-Sager: Our strong operational performance continued, with robust profits

Vice Chairman and Group CEO Speaks on the Sidelines of the 1H2025 Analysts' Conference Call Our loan portfolio recorded Strong growth, both in Kuwait and through our international operations Our regional and global footprint continues to play a key role in mitigating risks and sustaining earnings stability Confident in our ability to navigate challenges, we draw strength from our resilience and strategic investments in technology The outlook for project activity in Kuwait remains promising, with positive momentum expected to continue Effective capital planning remains a top priority to ensure we are aligned with our long-term growth objectives Focusing on year-end dividend distribution gives us the flexibility to capitalize on growth opportunities as they arise Our commitment to sustainability remains steadfast as we make meaningful progress on our sustainable finance roadmap Ronghe: The Group maintains strong operating momentum, fueled by robust growth in business volumes Sustained strength in our loan portfolio reflects high asset quality and prudent diversification strategy Mr. Isam Al-Sager, Vice Chairman and Group Chief Executive Officer of National Bank of Kuwait (NBK), stated that the Bank reported a net profit of KD 315.3 million for the first half of 2025, marking a 7.8% increase from KD 292.4 million in the corresponding period of 2024. Speaking on the sidelines of the analysts' conference call for the first-half 2025 results, Al-Sager highlighted that profit before tax surged by 17.0% year-on-year, reaching KD 401.5 million in the first six months of the year. He explained that the new tax regime weighed on profitability, with the effective tax rate rising to 16.0% in the first half of 2025, up from 9.2% in the first half of 2024. Al-Sager added that the Bank's pre-tax profit was further supported by the release of provisions for credit and impairment losses amounting to KD 10 million, compared to a charge of KD 43 million in the six-month period ended June 30, 2024. 'Our returns remained robust, with Return on Average Assets reaching (ROAA) 1.52% and Return on Average Equity (ROAE) standing at 15.1% for the period', Al-Sager said. He explained that the Bank is confident in its ability to adapt and maintain its leadership in the local market, highlighting its readiness to navigate economic headwinds and emerge even stronger, supported by its resilience, continued investment in technology and innovation, and steadfast commitment to meeting the evolving needs of its customers. Dividend Distribution Policy Regarding the dividend distribution policy, Al-Sager stated that NBK's approach remains unchanged, maintaining a sustainable framework that strikes a balance between delivering attractive shareholder returns and prudently managing capital ratios. He added that the Bank continues to prioritize effective capital planning to ensure capital levels align with its future growth ambitions, an approach it has consistently upheld and will continue to follow going forward. Al-Sager stressed that the Bank remains committed to its approved dividend policy, noting that in light of the strong growth in its loan portfolio both locally and internationally, the Bank has opted to retain interim profits until year-end, with a focus on year-end final dividend distribution. This approach provides greater flexibility to capitalize on growth opportunities as they emerge throughout the year, in alignment with the Bank's strategic priorities. He pointed out that NBK's regional and international presence plays a vital role in mitigating risks, sustaining stable returns, and enhancing operational efficiency. Furthermore, he added that the Bank remains focused on leveraging cross-selling opportunities across its diverse geographical footprint. At the same time, its wealth management arm will continue to capitalize on deep expertise to deliver a comprehensive suite of portfolio management, advisory services, and investment solutions. 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