National Bank of Kuwait – Egypt (NBK-Egypt) has posted EGP 2.6 billion in Q3 2023 net profit, a 99.9% year-on-year increase compared to EGP 1.3 billion for the corresponding period a year ago.
The bank said its bet operating income reached EGP 6.1 billion, a record 96.8% increase from the EGP 3.1 billion recorded during the same period in 2022. Net interest income in the three months to September 30 jumped by 89% to reach EGP 4.9 billion compared to EGP 2.6 billion a year earlier.
“NBK- Egypt successfully managed to achieve its highest historical profitability growth by the end of Q3 2023. This accomplishment highlights the bank’s continuous accomplishments to strengthen its foothold in the Egyptian market, which is considered a key growth market for the group,” said Ms Shaikha Al-Bahar, Deputy Group CEO of National Bank of Kuwait, and Chairman of NBK-Egypt.
“The Egyptian market is particularly significant due to its promising growth opportunities and favourable prospects.”
NBK-Egypt said its net operating income surged by 132.3% to reach EGP 1.18 billion by the end of the third quarter, compared to EGP 508 million recorded during the corresponding period of 2022, while the cost to net operating income dropped from 37.9% in Q3 2022 to 31.9% in Q3 2023.
The bank’s total assets reached EGP 118.1 billion by the end of September 2023, up by 12.4% compared to the year-end balance of EGP 105.1 billion in 2022. Net balance of loans and credit facilities expanded to EGP 68.6 billion by the end of September 2023, reflecting a growth rate of 24.7% compared to EGP 55 billion recorded at the end of 2022.
Moreover, customer deposits continued to grow, rising by 12% to reach EGP 94.7 billion in Q3 2023, compared to EGP 84.5 billion by the end of 2022.
Recognising the pivotal role of technological tools and electronic channels in the banking sector and acknowledging their significance in bolstering competitive advantages among banks, NBK has persistently and decisively advanced its support for electronic services.
The bank actively encourages customers to broaden their utilisation for payments, aligning with the overall policy of the state and the Central Bank of Egypt.
NBK-Egypt aims to foster financial inclusion, bringing new segments of customers into the official banking system to contribute to the evolution towards a society with reduced dependence on physical currency.
