The National Bank of Kuwait - Egypt, the subsidiary of National Bank of Kuwait Group (NBK) in Egypt, has reported net profits of EGP 273.5 million (USD 38.4 million) in the first nine months of 2014 compared with EGP 259 million (USD 36.3 million) in the same period last year, an increase of 5.6 percent year-on-year (y-o-y).
"Total assets grew 29.4 percent y-o-y to EGP 22.9 billion (USD 3.2 billion) and customers' deposits up 32 percent to EGP 19.8 billion (USD 2.8 billion)," the Bank added in a press release Sunday.
Isam Al-Sager, NBK Group CEO and NBK-Egypt Chairman, underlined that the financial results show the success of the NBK's regional expansion strategy.
"NBK-Egypt's solid performance affirms the success of NBK Group's regional expansion strategy. The Egyptian market remains a main pillar in NBK's international operations for its positive outlook and the growth potential it offers." Al-Sager said.
"These strong results also confirm the Bank's progress in strengthening its position in the Egyptian market, providing world-class services and products that reflect NBK's reputable position regionally and its strong reputation internationally." Meanwhile, NBK-Egypt's Managing Director Yasser Hassan said that despite the challenging operating environment, the Bank has been able to maintain its strong performance thanks to its conservative approach as a subsidiary of NBK Group.
"NBK-Egypt has also benefited from the flight-to-safety, which is reflected in the growth in customers' deposits and other balance sheet indicators," he said.
NBK-Egypt was established in 1980 under the name of Al Watani Bank of Egypt (AWB) and has a large branch network situated at strategic locations within the various Egyptian governorates and cities, including Cairo.
NBK's acquisition of Alwatany Bank of Egypt (AWB) in 2007 was a strategic alliance with exceptional capabilities and resources.
NBK is the largest financial institution in Kuwait with effective market dominance in the commercial banking market and has been consistently awarded the highest credit rating of all banks in the region from Moody's, Standard & Poor's, and Fitch Ratings.