NBK-Egypt logs profits in 2024
Cairo: National Bank of Kuwait - Egypt (NBK-Egypt) logged net profits worth EGP 7.30 billion (KWD 51.90 million ) in 2024, an annual leap of 81% from EGP 4.02 billion (KWD 41.40 million).
Net operating income stood at EGP 13.50 billion by the end of 2024, marking a 57% year-on-year (YoY) surge from EGP 8.70 billion, as per the financial results.
Moreover, the net interest income hiked by 66% YoY to EGP 11.60 billion in 2024 from EGP 7 billion.
Total assets amounted to EGP 196 billion as of 31 December 2024, higher by 50% YoY than EGP 131 billion. Customer deposits jumped by 51% to EGP 160 billion from EGP 106 billion.
Shaikha Al Bahar, Chairman of NBK-Egypt, commented: 'We are committed to enhancing service quality, expanding our geographical presence, and reaching a more diverse customer base. This comes amid the rising demand for banking services and the increasing momentum of financial inclusion.'
Meanwhile, the Vice Chairman, CEO, and Managing Director of NBK-Egypt, Yasser El-Tayeb, said: 'The bank's strong financial performance at the end of 2024 surpassed expectations and targets, despite challenges and exceptional circumstances affecting the business environment both locally and globally.'
At the end of September 2024, NBK-Egypt recorded 101% YoY higher net profits at EGP 5.20 billion, compared to EGP 2.60 billion.
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