Latest news with #AlBahar
Zawya
27-05-2025
- Business
- Zawya
NBK-Egypt reports EGP 2bln (Equivalent to KWD 12.6mln) net profit in 1Q2025
Al-Bahar: The robust growth underscores the bank's strong financial standing and the agility of its business model across diverse economic landscapes The bank delivered solid operational performance across core sectors despite prevailing headwinds Upward momentum in key financial indicators reaffirms our path to strengthening NBK's presence in its most strategic foreign market NBK Egypt ranks among the fastest-growing institutions in the Egyptian banking industry Egypt remains a pivotal growth market and a cornerstone of the Group's long-term strategic vision The Egyptian economy offers vast potential, positive outlooks, and compelling opportunities for further growth El -Tayeb: The bank sustains its strong performance, delivering robust growth across all key financial indicators We aim to reinforce our presence in both the retail and corporate banking sectors NBK–Egypt accelerates its expansion of digital services and advances its digital transformation agenda We are committed to supporting the global shift toward sustainable finance and the green economy transition National Bank of Kuwait - Egypt (NBK-Egypt) has reported net profits of EGP 2 billion (Equivalent to KWD 12.6 million) for the first three months of 2025, from the EGP 1.3 billion (Equivalent to KWD 11.7 million) reported in the corresponding period of 2024, showcasing an impressive growth rate of 58%. Net Operating Income stood at EGP 3.8 billion in 1Q2025, recording an increase of 38% from EGP 2.8 billion recorded in the corresponding period of 2024. In the meantime, Net Interest Income grew by 41%, reaching EGP 3.3 billion compared to EGP 2.4 billion in 1Q2024. Meanwhile, Net Operating Income (excluding interests) increased to EGP 0.5 billion in 1Q2025, compared to EGP 0.4 billion in 1Q2024, up by 20%, while Cost to Net Operating Income dropped from 26% in 1Q2024 to 25% in 1Q2025. Total assets reached EGP 203 billion by the end of 1Q2025, up by 4% compared to EGP 196 billion by the end of 2024. Furthermore, total loans and credit facilities expanded to EGP 109 billion in 1Q2025, reflecting a growth rate of around 5% compared to EGP 104 billion recorded at the end of 2024. Additionally, customer deposits increased to EGP 164 billion by the end of 1Q2025, up from EGP 160 billion at the end of 2024, representing a growth rate of 3%. Furthermore, The Return on Average Assets (ROAA) improved to 4.1% in 1Q2025, compared to 3.6% in the corresponding period of 2024, while the Return on Average Equity (ROAE) increased to 35.8% in 1Q2025, up from 33.6% in the corresponding period of 2024. Commenting on the financial results announced by NBK-Egypt, Ms. Shaikha Al-Bahar, Deputy Group Chief Executive Officer, National Bank of Kuwait, and Chairman of NBK-Egypt, said: 'The robust profit growth achieved by National Bank of Kuwait – Egypt in the first quarter of 2025 is a clear testament to the strength of our financial position, the resilience of our business model, and our ability to perform across varying economic landscapes.' Al-Bahar explained that despite operational headwinds, the bank succeeded in delivering strong performance across its core business segments during the first quarter of 2025. She emphasized that the continued expansion of the bank's balance sheet and the sustained growth in key financial indicators reaffirm the soundness of NBK Group's strategic vision . She noted that the bank remains firmly on track to further strengthen its position in what has become the Group's most significant foreign market, given Egypt's vast potential, positive outlook, and promising growth opportunities. Furthermore, Al-Bahar affirmed that Egypt remains a key growth market for NBK Group and represents a cornerstone of its long-term strategic investments. She highlighted that the Group's operations in Egypt continue to rank among its most profitable, delivering the highest returns on shareholders' equity and assets. This performance, she noted, reflects the success of NBK's business diversification strategy and the rapid momentum of its digital transformation journey—both of which are central to the bank's efforts to expand its market share, particularly in retail banking, within one of the region's most populous countries and one of its most promising investment landscapes. She underscored the prominent footprint NBK Egypt has established as one of the fastest-growing banks in the Egyptian banking sector—an achievement clearly reflected in its robust financial indicators and the sustained growth in business performance witnessed over recent years. Al-Bahar also noted that NBK Egypt is focused on enhancing the quality of its services, expanding its geographical presence, and reaching a broader and more diverse customer base. She highlighted the significant strides the bank has made in modernizing its digital infrastructure, information technology systems, and electronic channels—advancements that have reinforced its position as a strong and competitive player in the Egyptian banking market. This progress comes in tandem with the growing demand for banking services and the rising momentum of financial inclusion across the country. Meanwhile, Vice Chairman, CEO, and Managing Director of National Bank of Kuwait-Egypt, Mr. Yasser El-Tayeb, said: 'The robust financial results achieved by the bank at the end of the first quarter of 2025 underscore the resilience and adaptability of our business model, enabling sustained growth despite the challenges posed by local, regional, and global market conditions.' El-Tayeb highlighted that NBK Egypt's business growth is well-balanced across all sectors, while maintaining efficiency and risk ratios aligned with sustainable expansion. This success is attributed to the bank's prudent policies and a flexible business model designed to effectively meet customer needs. He emphasized that NBK-Egypt is experiencing consistent growth across all activities and business sectors while maintaining efficiency rates and risk ratios that align with this expansion. This approach ensures business sustainability and customer satisfaction alike, thanks to the bank's prudent policies and its robust business model capable of meeting customer needs and diversifying income sources. He further added that the majority of NBK Egypt's income is generated from credit operations within the corporate sector, alongside contributions from retail banking. The bank's credit portfolio encompasses a wide range of clients, including large, medium, and small enterprises, while its retail banking portfolio serves diverse customer segments. This breadth underscores the strength and diversity of the bank's income sources. Al-Tayeb emphasized the bank's commitment to further strengthening its position in the retail banking sector by offering advanced services and products tailored to diverse customer segments, aiming to establish itself as a comprehensive bank that fulfills all their financial and life needs. He also affirmed the bank's ongoing commitment to enhancing its digital banking services, aiming to deliver a seamless and unique banking experience that enables customers to carry out most of their transactions anytime and from anywhere. He added that the bank is actively working to encourage wider adoption of digital payment channels, in line with the broader policy directions of the Egyptian government and the Central Bank of Egypt. El-Tayeb concluded by underscoring NBK Egypt's commitment to supporting the global shift toward sustainable finance and the transition to a green economy. He noted that the bank actively backs environmentally responsible projects that promote sustainability and rely on renewable energy sources. In addition, it continues to explore viable solutions to mitigate the adverse effects of climate change and reduce carbon emissions. He further highlighted that sustainable finance has become one of the most critical tools for safeguarding long-term financial stability. About the Bank: NBK-Egypt has a vast network of 52 branches spread over premium locations in various Egyptian governorates and cities, including Cairo, Giza, Alexandria, Delta, Red Sea, Port Said, Upper Egypt, and the industrial zones in 6th of October 10th of Ramadan cities. The Bank is also privileged to be among the elite banks within the Egyptian market that offer Islamic banking services in addition to its conventional products throughout its Islamic branches. Moreover, NBK-Egypt has a vast network of ATMs nationwide to service the Bank's clients around the clock. Furthermore, the bank offers a wide range of digital and electronic services, providing its customers with a unique banking experience. These services enable customers to conveniently conduct their banking transactions anytime and anywhere, eliminating the need to visit the bank for every transaction. National Bank of Kuwait (NBK) was incorporated in 1952 as the first local bank and the first shareholding company in Kuwait and the Gulf region. NBK continues to enjoy collectively one of the highest ratings among all banks in the Middle East from the three international rating agencies Moody's (A1), Standard and Poor's (A), and Fitch Ratings (A+). The Bank's ratings are supported by its strong financial indicators, asset quality, and high capitalization, in addition to its highly recognized and very stable management team, as well as strategic vision and stable funding base. NBK enjoys the most comprehensive banking presence with a local and international network with international presence in the world's leading financial centers including China, Geneva, London, Paris, New York, and Singapore, in addition to its regional presence in Egypt, Lebanon, Bahrain, Saudi Arabia, Iraq, and the UAE.
Gulf Today
10-05-2025
- Sport
- Gulf Today
Stage set for Fujairah 2025 World Taekwondo Cadet Championships
More than 800 young athletes from around the world are set to compete in the Middle East's first-ever World Taekwondo Cadet Championships, which will be held in Fujairah from Saturday until May 14. The landmark event will be under the patronage of Sheikh Mohammed Bin Hamad Al Sharqi, Crown Prince of Fujairah, featuring participation from over 811 athletes representing 93 countries. Since its inaugural edition in 2014, the World Taekwondo Cadet Championships has served as a vital platform for athletes aged 12 to 14 to gain experience at a major international event, hone their skills, and compete for prestigious titles on the global stage. Often considered the launching pad for future taekwondo stars, the 2025 edition in Fujairah is poised to be the largest and most significant since the first championship was held in Baku, Azerbaijan. The details of the region's first World Taekwondo Cadet Championships were disclosed in a press conference held at the Al Bahar Hotel and Resort in Fujairah on Thursday. Hosted by the Fujairah Martial Arts Club under the auspices of the UAE Taekwondo Federation, the championships will take place at the Zayed Sports Complex. The higher organising committee of the championships emphasised their full commitment to international standards set by World Taekwondo to ensure a world-class event that reflects the highest levels of professionalism and excellence. Dr. Ahmed Hamdan Al Zeyoudi, President of the UAE Taekwondo Federation, member of World Taekwondo, and Chairman of the Supreme Organizing Committee, affirmed that hosting the championship in Fujairah aligns with the vision of the Crown Prince to elevate the emirate's status as a global sports destination. He noted that all preparations are proceeding according to the highest standards to deliver an exceptional event that honours the UAE's reputation. He added, 'We are proud of this achievement and will work with all partners to ensure the event's success in every aspect.' This year's event has drawn an impressive 807 athletes and 467 officials from 89 Member National Associations, along with participants from the World Taekwondo Refugee Team, Individual Neutral Athletes (AIN), and athletes competing under the World Taekwondo flag. Dr. Chungwon Choue, President of World Taekwondo, expressed his delight in selecting Fujairah to host this prestigious global event. He praised the UAE's advanced infrastructure and unwavering support for sports, which makes it an ideal destination for major international tournaments. He also noted that the Fujairah World Taekwondo Cadet Championships 2025 is the largest of its kind globally in terms of participation, with over 800 male and female athletes, and highlighted the notable presence of the Refugee Team, which gives the event a humanitarian dimension that transcends competition. Dr. Choue highlighted that this championship serves as a crucial platform for unearthing young talent and elevating taekwondo's global stature by bringing together diverse cultures through the power of sport. The Fujairah 2025 World Taekwondo Cadet Championships will include competitions in 10 weight categories for both boys and girls. Male athletes will compete in divisions ranging from under 33kg to over 65kg, while female athletes will compete in divisions from under 29kg to over 59kg. Nader Abu Shawish, Tournament Director, stated: 'We are immensely proud to host this prestigious event, which represents a significant milestone for both our local sporting community and the wider taekwondo world. 'This championship offers a rare and invaluable opportunity for our young Emirati athletes to test their skills against some of the best competitors from around the globe, helping to elevate their performance and inspire their growth. 'Beyond the competition, our goal is to provide all participants with a truly exceptional sporting experience—one that reflects the UAE's deep commitment to youth development and sporting excellence. This event is also a powerful platform to showcase the incredible talent and potential of our young athletes and to reinforce the UAE's status as a leading destination for world-class sports events,' he added.
