NBK-Egypt posts $64m net profit, up 53pc
KUWAIT, March 30, 2016
National Bank of Kuwait-Egypt, the subsidiary of National Bank of Kuwait Group (NBK) in Egypt, has reported a net profit of EGP575.6 million ($64.5 million) for last year compared to EGP375.5 million in 2014, an increase of 53.3 per cent year-on-year.
The bank's total assets increased 35.7 per cent to EGP37.6 billion, while its customers’ deposits grew 36.3 per cent to EGP30.4 billion.
The net loans and advances reached EGP13.8 billion at year-end 2015, up 37.4 per cent compared to the previous year.
Isam Al Sager, NBK Group chief executive officer and NBK-Egypt chairman, said: “These strong results confirm NBK-Egypt’s progress in strengthening its position in the Egyptian market.
"The Egyptian market remains a main pillar in NBK’s international operations for its positive outlook and the growth potential it offers.” - TradeArabia News Service
