NBK-Egypt logs profits in 2024
Net operating income stood at EGP 13.50 billion by the end of 2024, marking a 57% year-on-year (YoY) surge from EGP 8.70 billion, as per the financial results.
Moreover, the net interest income hiked by 66% YoY to EGP 11.60 billion in 2024 from EGP 7 billion.
Total assets amounted to EGP 196 billion as of 31 December 2024, higher by 50% YoY than EGP 131 billion. Customer deposits jumped by 51% to EGP 160 billion from EGP 106 billion.
Shaikha Al Bahar, Chairman of NBK-Egypt, commented: 'We are committed to enhancing service quality, expanding our geographical presence, and reaching a more diverse customer base. This comes amid the rising demand for banking services and the increasing momentum of financial inclusion.'
Meanwhile, the Vice Chairman, CEO, and Managing Director of NBK-Egypt, 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.'
At the end of September 2024, NBK-Egypt recorded 101% YoY higher net profits at EGP 5.20 billion, compared to EGP 2.60 billion.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
5 hours ago
- Khaleej Times
Fertiglobe's revenue grows 14% to $566m in the second quarter
Fertiglobe, the world's largest seaborne exporter of urea and ammonia combined and the largest nitrogen fertiliser producer in the Middle East and North Africa region and Adnoc's low carbon ammonia platform, on Monday announced a revenue of $566 million, reflecting a 14 per cent year-on-year increase in the second quarter. Adjusted Ebitda grew 26 per cent to $176 million, with adjusted net profit attributable to shareholders stood at $12 million, representing a 68 per cent increase compared to Q2 2024. In the first half of 2025, Fertiglobe reported revenue of $1.26 billion, reflecting a 20 per cent increase year-on-year increase. Adjusted Ebitda for the period stood at $437 million, up 36 per cent year-on-year, while adjusted net profit attributable to shareholders stood at $85 million, representing an 18 per cent decline compared to the prior year, driven by a one-off forex gain in H1 2024. Ahmed El-Hoshy, CEO of Fertiglobe, commented: 'This quarter demonstrated Fertiglobe's growing operational resilience, with an adjusted Ebitda increase of 26 per cent Y-o-Y. Fertiglobe remains strategically placed to deliver robust performance and maintain operational continuity amid challenging conditions. We capitalised on the downtime in Egypt to perform critical maintenance activities, successfully extending the turnaround cycle, with maintenance capex expected towards the lower end of our previous guidance at $145 million. Notably, excluding external factors and turnarounds, our own-produced sales volumes for the second quarter of 2025 would have been up 4 per cent Y-o-Y, while H1 2025 own-produced sales volumes would have increased 7 per cent Y-o-Y. With the continued support of Adnoc, we remain confident in our strategic path to become a globally integrated nitrogen champion and creating long-term value for shareholders, while continuing to innovate and differentiate our solutions that support global food security and enable the energy transition.' The company proposed H1 2025 dividends of at least $100 million (4.4 fils per share), subject to board approval in September with payment in October. Including the $31 million worth of shares bought back in Q2 2025, Fertiglobe provides one of the highest total return metrics in the industry at the combined $131 million cash returns to shareholders for H1 2025. Additionally, Fertiglobe continues to execute on its announced 2.5 per cent share buyback programme, aimed at opportunistically capitalising on the stock's attractive valuation. As of 1 August 2025, Fertiglobe repurchased 55 million shares, representing 0.66 per cent of total outstanding shares. While Fertiglobe remains dedicated to advancing its low-carbon project portfolio, the Company recognises that the global low-carbon ammonia market remains in the early stages of development, with regulatory frameworks and demand signals continuing to evolve. As such, and in line with Fertiglobe's disciplined approach to capital deployment across its low-carbon ammonia project pipeline, Fertiglobe has taken the decision to rephase Project Rabdan1F, a 1 mtpa low-carbon ammonia project and associated auto-thermal reformer. This decision reflects the Company's prudent investment strategy and commitment to timing capital allocation effectively and is consistent with the broader objectives of the Grow 2030 Strategy, particularly its focus on disciplined low-carbon growth. In addition, Fertiglobe expects its recently announced proposed acquisition of the distribution assets of Wengfu Australia to play a key role in strengthening its downstream presence in high-netback markets, in line with its strategic focus on customer proximity. Wengfu Australia's distribution assets are also projected to enhance supply chain resilience and unlock long-term distribution synergies. The transaction is subject to regulatory approvals and is anticipated to close in H2 2025. As of 30 June 2025, Fertiglobe reported a net debt position of $909 million, implying a consolidated net debt to LTM adjusted Ebitda ratio of 1.0x. This strong financial position enables the Company to effectively balance growth investments and shareholder distributions, supported by robust free cash flow generation and a solid balance sheet. Fertiglobe is also set to realise $10 million of annual run rate interest savings in 2025, following credit rating upgrades by S&P, Fitch, and Moody's and driven by Adnoc's acquisition of a majority stake in Fertiglobe. These savings are further underpinned by the refinancing of our $300 million loan through the internal Adnoc bank and the recent repricing of a $1.1 billion term loan, supporting lower financing costs and contributing to earnings accretion in the quarter
Zawya
8 hours ago
- Zawya
NBK-Egypt reports EGP4.1bln net profit in 1H2025
Al-Bahar: NBK Egypt delivered solid profit growth, underpinned by resilient operating performance amid challenging conditions The Bank continues to rank among the fastestgrowing financial institutions in Egypt, with a clearly defined and expanding presence in the local market Our financial indicators underscore the strength of our trajectory and affirm that we remain well positioned to further reinforce our market share Egypt remains a core strategic market contributing to the Group's growth El-Tayeb: NBK – Egypt continues to deliver strong performance, with solid growth across all key financial indicators The Bank remains focused on reinforcing its position in both the retail and corporate banking sectors We are fasttracking digital transformation by expanding our digital services Sustainable finance stands as a core strategic priority in line with our commitment to supporting environmentally responsible projects National Bank of Kuwait - Egypt (NBK-Egypt) has reported net profits of EGP 4.1 billion (Equivalent to KWD 25.65 million) for the first six months of 2025, a significant increase from the EGP 3.2 billion (Equivalent to KWD 24.9 million) reported in the corresponding period of 2024, showcasing an impressive growth rate of 30%. Net Operating Income stood at EGP 7.7 billion in 1H2025, recording a substantial increase of 28% from EGP 6.1 billion recorded in the corresponding period of 2024. In the meantime, Net Interest Income grew by 31%, reaching EGP 6.7 billion compared to EGP 5.2 billion in 1H2024. Meanwhile, Net Operating Income (excluding interests) increased to EGP 199 million in 1H2025, compared to EGP 147 million in 1H2024, up by 35%, while Cost to Net Operating Income grew by 1% in 1H2024 to 24% in 1H2025. Total assets reached EGP 206 billion by the end of 1H2025, up by 5% compared to EGP 196 billion by the end of 2024. Furthermore, total loans and credit facilities expanded to EGP 115 billion in 1H2025, reflecting a growth rate of 10% compared to EGP 104 billion recorded at the end of 2024. Additionally, customer deposits increased to EGP 166 billion by the end of 1H2025, up from EGP 160 billion at the end of 2024, representing a growth rate of 4%. The ratio of operating income to total net income increased to 87% as of 1H2025, compared to 85% in the corresponding period of 2024. Moreover, the Return on Average Assets (ROAA) improved to 4% in 1H2025, while the Return on Average Equity (ROAE) stood at 35%. 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: 'The strong earnings growth achieved by NBK–Egypt in the first half of 2025 highlights the bank's solid financial standing and the enduring strength of its business model, which continues to generate sustainable profitability despite prevailing operational challenges. This performance stands as a testament to the Group's long-term strategic vision since its entry into the Egyptian market in 2007, reaffirming its confidence in the significant growth potential and strategic importance of one of the region's largest and most dynamic banking landscapes.' Al-Bahar affirmed that Egypt remains one of the Group's most prominent strategic markets, playing a role in driving growth, and is consistently regarded as its second home market. As the largest Kuwaiti investment in Egypt, NBK has established a clear and growing footprint within the Egyptian banking sector. The Bank ranks among the fastest-growing institutions in the market, a position reinforced by its robust financial indicators, which underscore its solid trajectory toward further expansion and enhanced market Al-Bahar emphasized that the Group views the Egyptian market as a long-term strategic investment and remains committed to expanding its presence. She noted that NBK's operations in Egypt continue to rank among the most profitable within the Group, consistently delivering high returns on equity and assets. Al-Bahar explained that the easing of geopolitical tensions in the region would significantly support the Egyptian economy and unlock greater investment opportunities. She also noted that the country's future outlook, continues to gain momentum from the ongoing reform efforts and the exceptional measures undertaken by the Egyptian government and the Central Bank of Egypt. Meanwhile, Vice Chairman, CEO, and Managing Director of National Bank of Kuwait-Egypt, Mr. Yasser El-Tayeb, said: 'The Bank's solid financial indicators in the first half of the year underscore its ability to sustain growth and deliver strong business results, despite the exceptional challenges facing the business environment on the local and global fronts due to ongoing political instability and its economic ramifications.' El-Tayeb emphasized that NBK–Egypt's growth remains well-balanced across all business lines, supported by efficiency and risk metrics aligned with both sustainable expansion and long-term resilience. He attributed this performance to the Bank's prudent policies and sound business model, which enable it to meet customer needs with agility and confidence. He added that the majority of NBK–Egypt's income is generated from credit operations, primarily through the corporate banking segment, while the retail banking sector has also witnessed notable growth in recent years. The Bank's credit portfolio spans a broad spectrum of clients, ranging from large corporations to medium and small enterprises, while its retail portfolio serves diverse customer segments. This breadth underscores the strength and diversification of NBK–Egypt's income sources. El-Tayeb emphasized the bank's commitment to further strengthening its position in the retail banking sector by offering advanced services and products tailored to diverse customer segments, aiming to establish itself as a comprehensive bank that fulfills all their financial needs. Furthermore, he also emphasized NBKE's firm belief in the pivotal role of technology and digital channels in shaping the future of the banking sector. Recognizing their importance in strengthening competitive advantage, NBK–Egypt has made substantial investments to upgrade its core banking systems and significantly expand its suite of digital services. These efforts are aimed at delivering a seamless and distinctive banking experience, enabling customers to carry out their transactions anytime, anywhere. In parallel, the Bank is committed to encouraging broader adoption of electronic payment methods, in alignment with the strategic direction of the Egyptian government and the Central Bank of Egypt. El-Tayeb emphasized that NBK–Egypt is committed to supporting the global shift toward sustainable finance and the transition to a green economy. The Bank actively backs environmentally responsible projects that promote sustainability and greater reliance on renewable energy sources. It also continues to explore viable solutions to mitigate the adverse impacts of climate change and reduce carbon emissions. Finally, El-Tayeb noted that sustainable finance has become one of the most critical instruments for promoting and preserving long-term financial stability. About the Bank: NBK-Egypt has a vast network of 52 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, Geneva, London, Paris, New York, and Singapore, in addition to its regional presence in Egypt, Lebanon, Bahrain, Saudi Arabia, Iraq, and the UAE.
Zawya
9 hours ago
- Zawya
Mitsubishi Power achieves landmark Hydrogen Fuel Conversion at Leading Egyptian Refinery ANRPC
Mitsubishi Power's Hydrogen Conversion Technology reduces 65,000 tons of CO2 annually at Egypt's key refinery Alexandria, Egypt - Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries, Ltd. (MHI), announced today the successful completion and handover of a pioneering hydrogen fuel conversion project at the Alexandria National Refining and Petrochemicals Company (ANRPC) refinery in Egypt. This project is considered the first industrial application of hydrogen use as fuel in industrial boiler in Egypt and the MENA region. Under the terms of the full turnkey contract, announced in 2022, Mitsubishi Power undertook the design, engineering, supply and installation of the solutions, equipment, and control systems to rehabilitate and upgrade a 100-ton-per-hour main boiler, converting it from heavy fuel oil and natural gas to a 100% hydrogen fuel. The project also contributed to the utilization of 14,000 tons per year of hydrogen-rich gases available in the production units, reducing natural gas consumption by approximately 24,000 tons and contributing to a reduction of carbon emissions by approximately 65,000 tons per year. This project marks a significant step forward in Egypt's ambitious energy transition journey towards decarbonizing its energy sector and fulfilling its sustainable development goals, which reinforces its leadership in clean energy innovation. It also highlights the Japanese global leader's commitment to advancing carbon neutral power generation solutions and jointly reflects hydrogen's enormous potential as a clean energy source in Egypt's industrial sector. Mitsubishi Power's expertise in providing cutting-edge hydrogen technology solutions, coupled with ANRPC's operational leadership, contributed to the project's success, reinforcing its importance as a proven model for integrating hydrogen into Egypt's energy system and a replicable model that can catalyze further hydrogen adoption across Egypt and the MENA region. Mr. Sayed Al-Rawi, Chairman and Managing Director of ANRPC, said: "We are proud to be part of Egypt's journey towards a clean energy future and to contribute to achieving Egypt Vision 2030 with this pioneering milestone to using hydrogen as a fuel. This project represents an unprecedented achievement for ANRPC, Egypt, and the entire region. By integrating hydrogen into refining processes, we are contributing to reduce Egypt's carbon footprint and set a new standard for the country's industrial sector. We are proud of our partnership with Mitsubishi Power on this project, which is a true example of how international partnerships and advanced technology can bring about fundamental change toward a sustainable energy future. We are thrilled about the positive environmental impact of this project in reducing emissions, and we look forward to continuing our role in supporting Egypt's transition to clean energy. Together, we can help meet current energy needs and participate in shaping a sustainable energy future in Egypt and the region." The collaboration between Mitsubishi Power and ANRPC underscores a fundamental pillar of Egypt's clean energy strategy and contributes to consolidating the nation's growing role as a leader in the global hydrogen economy. Commenting on this recent milestone, Mr. Javier Cavada, President and CEO, Europe, Middle East and Africa at Mitsubishi Power, said: "The success of this first-of-a-kind hydrogen conversion project marks a milestone in Egypt's transition to clean energy and reflects Mitsubishi Power's global leadership in developing advanced, low-carbon power generation technologies. We are honored to partner with ANRPC and support Egypt's ambitious vision for a clean energy transition, providing our expertise to transition existing infrastructure to low-carbon commercially viable systems. This project will lay down the foundation to a commercial path for decarbonizing Egypt's industrial facilities with minimal downtime, in addition to demonstrating the tangible and positive impact of hydrogen in reducing emissions and developing sustainable energy solutions. Mitsubishi Power is committed to supporting Egypt's journey towards a cleaner and more sustainable energy future, and we look forward to strengthening our collaboration with ANRPC and other stakeholders to drive the transition to hydrogen across the region." The successful completion of this project heralds a new chapter in Egypt's energy transition, further strengthening its growing leadership in the region's low-carbon future. Building on a successful heritage that spans decades, Mitsubishi Power remains committed to supporting Egypt's ambitious energy goals and its efforts to drive the adoption of hydrogen and renewable energy technologies throughout the Middle East and North Africa. About Mitsubishi Power Mitsubishi Power is a power solutions brand of Mitsubishi Heavy Industries, Ltd. (MHI). Across more than 30 countries worldwide, Mitsubishi Power designs, manufactures and maintains equipment and systems that drive decarbonization and ensure delivery of reliable power around the world. Among its solutions are a wide range of gas turbines including hydrogen and ammonia-fueled gas turbines. Committed to providing exemplary service and working with customers to imagine the future of energy, Mitsubishi Power is also spearheading the development of the digital power plant through its suite of AI-enabled TOMONI® solutions.
