National Bank of Kuwait—Egypt (NBK) said Sunday that its annual net profit rose by 27% year-on-year $59 million (EGP 1.82 billion) in 2022, from $47 million (EGP 1.43 billion) in the corresponding period last year despite a challenging operating environment.
The bank’s operating revenues rose by 39% to EGP 4.6 billion) in 2022, from EGP 3.32 billion) a year earlier while customer deposits surged by 36% to EGP 84.5 billion in 2022 from EGP 62.02 billion a year earlier.
“NBK-Egypt’s revenues are appropriately balanced between corporate and retail credit segments, which have been consistently growing over the past few years, with a very diversified credit portfolio including a wide range of businesses across various sectors,” Yasser El-Tayeb, the Vice Chairman, CEO and MD at NBK-Egypt said in the statement.
NBK-Egypt’s assets stood at EGP 105.1 billion by the end of the fiscal year 2022, a 36% increase compared to EGP 77.5 billion in 2021, while the net balance of loans and credit facilities reached grew 33% year-on-year to EGP 54.31 billion in 2022 from EGP 40.72 billion a year earlier.
During this reporting period, shareholders’ equity grew by 9% to EGP 11.3 billion from EGP 10.3 billion in 2021.
“Given our success so far in the Egyptian market and the fast pace of growth, I am confident that we are on the right track towards further growth and more significant market share, with a focus on the growing retail sector,” Shaikha Al-Bahar, the Deputy Group Chief Officer at NBK and Chairman of NBK-Egypt said in a statement.
Egypt is one of NBK Group’s key growth markets, Al-Bahr added while highlighting that NBK – Egypt is the largest Kuwaiti investment in the North African country.
NBK Group has a growing footprint in the Egyptian banking sector, in addition to being one of the fastest-growing banks in the private sector, which is reflected by its financial indicators.
