National Bank of Kuwait-Egypt (NBK-E), reported net profits of EGP445.6 million ($56.7 million) for the first nine months of 2015 compared with EGP273.5 million for the same period last year, an increase of 62.9 per cent year-on-year (y-o-y).

As of end of September 2015, NBK-Egypt total assets increased by 60.6 per cent y-o-y to EGP36.7 billion compared to EGP22.9 billion as of end-September 2014. Customers’ deposits grew by 56.1 per cent y-o-y to EGP30.9 billion compared to EGP19.8 billion in 2014.

Isam Al-Sager, NBK Group chief executive officer and NBK-Egypt chairman, said: “The solid growth achieved affirms NBK-Egypt’s successful strategy in better-positioning itself in the Egyptian market, offering best-in-class products and services to its customers. This is also a testimony to NBK Group’s successful regional expansion strategy where Egypt is one of its main pillars considering the strong outlook and promising growth opportunities that the Egyptian market offers.”

Dr Yasser Hassan, managing director of NBK-Egypt highlighted the solid performance of the Bank, delivering strong growth in all financial indicators despite the challenging operating environment in Egypt.

This strong performance is attributed to the bank’s conservative strategy as a member of the NBK Group, said Dr Hassan.

This strategy mainly focuses on diversifying the loan portfolio and providing the best financial solutions tailored for clients, reflecting thorough analyses of customer needs and market conditions, he added. – TradeArabia News Service