Latest news with #NBKGroup
Kuwait Times
27-05-2025
- Business
- Kuwait Times
NBK-Egypt reports EGP 2 bn net profit
KUWAIT: National Bank of Kuwait - Egypt (NBK-Egypt) has reported net profits of EGP 2 billion (Equivalent to KD 12.6 million) for the first three months of 2025, from the EGP 1.3 billion (Equivalent to KD 11.7 million) reported in the corresponding period of 2024, showcasing an impressive growth rate of 58 percent. Net Operating Income stood at EGP 3.8 billion in 1Q2025, recording an increase of 38 percent from EGP 2.8 billion recorded in the corresponding period of 2024. In the meantime, Net Interest Income grew by 41 percent, 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 0.4billion in 1Q2024, up by 20 percent, while Cost to Net Operating Income dropped from 26 percent in 1Q2024 to 25 percent in 1Q2025. Total assets reached EGP 203 billion by the end of 1Q2025, up by 4 percent 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 percent 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 percent. Furthermore, The Return on Average Assets (ROAA) improved to 4.1 percent in 1Q2025, compared to 3.6 percent in the corresponding period of 2024, while the Return on Average Equity (ROAE) increased to 35.8 percent in 1Q2025, up from 33.6 percent in the corresponding period of 2024. Commenting on the financial results announced by NBK-Egypt, 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.' Yasser El Tayeb Shaikha Al Bahar 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.
Zawya
30-04-2025
- Business
- Zawya
NBK Wealth receives three prestigious awards from Euromoney Private Banking Awards 2025
In appreciation of its efforts for providing exceptional Private Banking services and enriching customer experience with digital solutions, NBK Wealth, the pioneering wealth management group in the region, received 3 prestigious awards from Euromoney, the international magazine focused on finance and business, as part of its Private Banking Awards for the year 2025. NBK Wealth received 3 awards for Kuwait's Best Private Bank, Kuwait's Best for Ultra-High-Net-Worth clients, and Kuwait's Best for Digital Solutions. Being the largest wealth management group locally and one of the biggest regionally, these awards further reflect the strength of NBK Wealth's prestigious name, which draws its strength from the locally and internationally pioneering NBK Group brand whose record is filled with achievements and global awards for its efforts in the banking sector. The Euromoney Awards come in light of NBK Wealth's solid growth, strategic initiatives, and technological advancements, as it excels in its ability to understand different customer needs and tailor its strategies accordingly, as it has launched many new products, such as private debt strategies, structured deposits, and specialized discretionary portfolio management services, in addition to comprehensive private banking services like wealth management, financial planning, investment management, and advisory services. Moreover, the launch of Generation W, a week-long wealth education program based in Geneva targeting second-generation clients and teaching them about the principles of investment and wealth management and maintenance, evidences the bank's commitment to client education and long-term relationship-building. NBK Wealth has proven its remarkable ability to cater to its ultra-high-net-worth clients and enhanced its wealth management offerings, achieving big growth in its assets under management, successfully diversifying its investment portfolio across the different asset classes, and widening its product range, which helped attract new clients and solidify its leadership in wealth management. It should be noted also that the group formed a strategic partnership with J. P. Morgan Asset Management, which gave the clients a bigger opportunity to benefit from various selected products, and enhanced client-interaction through innovative initiatives including issuing specialized analytical reports as part of 'NBK Wealth Insights', which further strengthens its role as a provider of holistic investment solutions. In line with its strategy to enhance customer experience and operational competency, NBK Wealth adopted digital innovation and technological advancements to present innovative experiences and solutions to its clients. In doing so, it has remarkably simplified operations, leading to more productivity and high-quality services. Moreover, not only does NBK Wealth strive to enhance its clients' wealth, but it is also committed to becoming the first and most trusted wealth management entity, by providing specialized, innovative, and comprehensive solutions that meet its clients' needs and gives an added value and positive impact as well as maintain generational legacy. NBK Wealth is one of the pillars of NBK Group and a pioneer wealth management group in the Middle East, as the value of its assets under management exceeds US$ 41bn Personal Financial Assets as of the end of 2024. It enjoys a wide geographical presence that extends over 9 cities in 5 different countries, in which it provides a comprehensive package of products, including private banking services, financial planning, asset management, and advisory services. NBK Wealth follows a specialized solution-based approach that suits the individual needs of its clients as per their unique goals, whether that of ultra-high-net-worth individuals and institutions. NBK Wealth is a brand registered under the name of National Bank of Kuwait S.A.K.P ('NBK'), for use by the Asset Management business of, among other NBK group entities, Watani Investment Company K.S.C.C. , a leading investment firm and its affiliates worldwide, combined with the Private Banking services of NBK worldwide, which is one of the largest and oldest financial institutions in the region.
Zawya
24-04-2025
- Business
- Zawya
NBK continues to strengthen its operational resilience and invest in advanced technologies
Al Sager: NBK Not Only Overcomes Challenges — It Transforms Them into Opportunities for a Stronger, More Sustainable Future NBK remains confident in its ability to adapt to evolving economic conditions while maintaining its leadership in the local market The bank's strong regional and international footprint continues to play a key role in mitigating risks, stabilizing revenues, and boosting operational efficiency Excluding the impact of the recently introduced tax, NBK reported a 0.8% year-on-year increase in first-quarter profits The bank sustained solid performance metrics, delivering a return on average assets of 1.33% and a return on average shareholders' equity of 13.1% NBK continues to strengthen its operational resilience and invest in advanced technologies, all while upholding the highest standards of quality to meet evolving customer needs With over KD 10 billion in projects currently underway, the government reaffirms its unwavering commitment to advancing its ambitious development and reform agenda The recently enacted Financing and Liquidity Law is expected to provide greater flexibility in managing public finances The banking sector's strong liquidity position reinforces its capacity to support national priorities, including playing a central role in addressing the country's housing challenges Ronghe: NBK Group maintains a solid financial position, supported by robust capitalization and high credit quality The Bank's diversified and stable funding base continues to provide the flexibility needed to finance major development projects currently in the pipeline The anticipated issuance of sovereign debt instruments by the Kuwaiti government is expected to create opportunities for redeploying liquidity into interest-bearing assets, further enhancing returns International operations remain a key pillar of the Group's performance, contributing 26% of operating income and 27% of net profit IBG and Boubyan Bank accounted for 44% and 23%, respectively, of the Group's total assets—highlighting the strength and balance of NBK's diversified business model. Mr. Isam Al-Sager, Vice Chairman and Group CEO of National Bank of Kuwait (NBK), expressed unwavering confidence in the bank's ability to swiftly adapt to the evolving economic landscape, all while maintaining its leadership position in the local market. On the sidelines of the analyst conference call for the first quarter of 2025, Al-Sager stated, "We not only overcome these challenges, but we seize them as opportunities to build a stronger and more sustainable future." He emphasized that NBK continues to enhance its flexibility, investment, and technology, all while maintaining a steadfast commitment to the highest quality standards in addressing the evolving needs of its customers. He highlighted that NBK's regional and international presence remains a key factor in mitigating risks, stabilizing revenue, and improving operational efficiency. He further stressed that the Group's ongoing goal is to drive value and profitability by strengthening the integration of its businesses and expanding cross-selling opportunities across the various markets in which it operates. Al-Sager emphasized that the Group's wealth management business will continue to leverage its extensive experience in delivering a comprehensive approach to portfolio management, advisory services, and investment opportunities. Meanwhile, its Islamic banking arm, represented by Boubyan Bank, will further reinforce NBK's distinctive position in the local market and play a pivotal role in diversifying its sources of profitability. He attributed the 8.5% year-on-year decrease in the bank's net profit for the first three months of 2025 primarily to the introduction of the new Domestic Minimum Top-up Tax (DMTT), which took effect this quarter. This led to an increase in the effective tax rate to 16.3% in 1Q2025, compared to 9.2% in the corresponding period of 2024. He noted that, excluding the impact of the new tax, pre-tax profit actually saw a 0.8% year-on-year increase, reaching KD 173.4 million in the first quarter of 2025. Al-Sager stated that the Group's returns remained robust despite the impact of the new tax system, with the return on average assets reaching 1.33% in the first quarter of 2025. Meanwhile, the return on average shareholders' equity stood at 13.1%. He also highlighted that the Group's loan portfolio is strategically allocated, with 70% originating from Kuwait and 30% generated through its international presence. 'NBK reaffirms its unwavering commitment to sustainability and advancing its sustainable financial agenda. The successful issuance of the first green bonds in 2024 stands as one of the bank's most significant achievements, attracting strong interest from international investors and reaffirming the market's confidence in our ESG strategy,' Al-Sager added. He highlighted that the bank continues to make significant strides in integrating climate-related standards into its operations, with a particular focus on reducing the carbon footprint of its investment portfolio and effectively managing climate risks. He noted that these efforts align with leading international standards, strengthening NBK's role as a key player in supporting Kuwait's commitment to achieving carbon neutrality, while also reflecting its crucial role in driving the transition toward a low-emission economy. Kuwait's Economy On the performance of the Kuwaiti economy, Al-Sager stated that despite the slowdown in macroeconomic activity in 2024, the near-term growth outlook for 2025 remains optimistic. He attributed this positive outlook to several key factors, including the anticipated easing of voluntary production cuts by OPEC+, the gradual recovery of consumer spending, credit growth, the resurgence of momentum in project market activities, and the potential acceleration of public investment. He explained that, supported by these factors, Kuwait's GDP is expected to grow by 3.0% in 2025. Regarding the projects market, Al-Sager noted, 'The market experienced some slowdown in the first quarter of 2025, following a strong year of activity in 2024. The value of projects awarded in the first quarter reached over KD 400 million. However, the outlook remains promising, with projects in preparation estimated to exceed KD 10 billion, reflecting the government's strong commitment to advancing its development and reform agenda at an accelerated pace'. As for the short-term outlook for oil prices, Al-Sager remarked that as the government continues to focus on implementing its development plan, oil price fluctuations have become less impactful on capital spending. He explained that this type of spending now accounts for less than 10% of the total government budget, reducing the likelihood of significant savings should oil revenues face pressure. He also noted that the first two years of capital spending will primarily focus on addressing infrastructure gaps, with the provision of basic services to meet population growth remaining a key priority. He stated that the recently approved Financing and Liquidity Law provides the government with greater flexibility in managing its financial resources, enabling the issuance of debt instruments worth up to KD 30 billion. On the mortgage law, Al-Sager explained that several important meetings have recently been held to approve the law, including discussions with the Public Authority for Population Welfare to sign advisory service agreements with real estate developers. He indicated that the law is expected to be approved due to its strategic importance, particularly given the more than 100,000 pending housing applications and the growing population of Kuwaiti youth, which adds approximately 10,000 new applications annually. Furthermore, Al-Sager emphasized that the banking sector's strong liquidity position strengthens its ability to play a key role in addressing the housing problem in Kuwait. The GCC & The Global Economy Al-Sager pointed out that, supported by robust fiscal reserves, ambitious economic reform programs, continued progress in major projects, and strong demand, the economies of the GCC are expected to maintain relatively strong performance in 2025. However, he cautioned that tightening global financial conditions could dampen investment and trade flows, increase financing costs, and potentially lead to a decline in demand, along with volatile oil prices. Regarding the global economy, Al-Sager noted that it has recently navigated a complex environment marked by shifting monetary policies and escalating geopolitical tensions. He pointed out that the recent trade war and tariffs imposed by the US administration have cast a shadow over the economic landscape, potentially contributing to higher inflation rates and a slowdown in growth, further deepening the uncertainty surrounding the global economic outlook. Robust Operational Performance In the meantime, Mr. Sujit Ronghe, NBK Group Chief Financial Officer, stated that despite the impact of the new tax regime, the Group maintained strong operating performance in the first quarter of 2025, driven by significant growth in business activities, particularly in lending and investment. He highlighted that the operating income mix remains well-balanced, with non-interest income comprising 24% of total revenue sources. Ronghe emphasized that NBK Group's financial position remains robust, characterized by high levels of credit quality, strong capitalization, and the bank's ability to generate operating profits that enhance its capacity to absorb credit losses. He further noted that the Group continues to leverage its unique advantage among Kuwaiti banks, particularly through its broad geographical presence via a network of overseas branches and subsidiaries, along with its ability to offer both conventional and Islamic banking services. He highlighted that operating income during the first quarter of 2025 was distributed across key business segments, with overseas branches and subsidiaries contributing 26%, Islamic banking 22%, consumer banking 20%, corporate banking 12%, and NBK Wealth 9%. Ronghe further explained that overseas branches and subsidiaries accounted for 27% of the Group's net profit during the first quarter of 2025, while Islamic banking contributed 19%, corporate banking 17%, consumer banking 16%, and NBK Wealth's contribution reached 10%. He also noted that IBG and Boubyan Bank collectively contributed 44% and 23%, respectively, to the Group's total assets, reinforcing the Group's strategy of diversifying its revenue sources. Ronghe noted that the Group's loans and advances saw impressive growth during the first quarter of 2025, reaching KD 24.6 billion, reflecting a 9.9% increase compared to March 2024 and a 3.8% rise on a quarterly basis. This growth was driven by higher loan volumes in both Kuwait and international markets, across conventional and Islamic banking services. He further pointed out that, amidst the prevailing economic uncertainty, loan growth in 2025 is expected to remain in the single-digit range. However, any improvement in global conditions, a faster pace of project implementation, or the approval of the mortgage law in Kuwait could significantly boost the growth of loan activities. Regarding the recently implemented DMTT tax in Kuwait and its impact on the bank's profits for the current year, Ronghe stated: "The executive regulations of the law are expected to be issued within six months of its adoption. In the absence of detailed regulations at this stage, current estimates suggest that the effective tax rate for 2025 will range between 16% and 17% of pre-tax profits. He pointed out that the net interest margin for the first quarter of 2025 was impacted, reaching 2.45%, due to an unfavorable shift in the asset mix, along with the annual effect of the depreciation of the Egyptian pound and the decline in historically high interest rates. However, the recent approval of the Finance and Liquidity Law in Kuwait boosts expectations for the upcoming issuance of sovereign debt instruments this year, which will allow the bank to repurpose liquidity into interest-bearing assets. He emphasized the bank's capacity to provide the necessary financing for development projects currently in the pipelines, supported by its diversified and stable financing base, which aligns with NBK's strategy for sustainable growth. Regarding his outlook for the operating environment, Ronghe stated: 'Despite the prevailing uncertainty in the economic landscape, we remain cautiously optimistic that the overall operating environment, although challenging, stabilize in due course during 2025'.
Zawya
02-03-2025
- Automotive
- Zawya
Nasser bin Khaled and Sons Automobiles unveils state-of-the-art Mercedes-Benz showroom in the heart of Doha
The grand opening of the new showroom ushers in a new era for both brands, aligning with the company's strategic vision to expand and adapt to the latest trends in the automotive industry 4 dedicated zones and modern technology screens and features enhance the customer's experience to an unprecedented level Designed by Ratnsorb, the new showroom complies with in accordance with global Mercedes-Benz global standards The grand opening featured the reveal of two new iconic cars: Mercedes-AMG GT, and the all-electric G-Class Doha, Qatar: Nasser bin Khaled and Sons Automobiles, the authorized general distributor of Mercedes-Benz in Qatar, proudly announces the grand opening of its new showroom in the Musheireb area, a prime location in the heart of Doha. His Excellency Ali bin Ahmed Al Kuwari, Minister of Finance, cut the ribbon alongside HE Sheikh Faisal Bin Qassim Al Thani, Chairman of Al-Faisal Holding; Dr. Khalid bin Thani Abdullah Al-Thani, Chairman & Managing Director of Qatar International Islamic Bank and Chairman of Ezdan Holding Group; and HE Sheikh Nawaf bin Nasser bin Khaled Al Thani, Chairman of NBK Group. The event was attended by HE Sheikh Faleh Bin Nawaf Al Thani, Managing Director; Mr. Michael Stroband, President and CEO of Mercedes-Benz Cars Middle East; and representatives from Mercedes-Benz Global. The gathering also featured VIP guests, celebrities, media representatives, and influencers. The opening of the Mercedes-Benz showroom marks a significant milestone in NBK Automobiles' long-standing relationship with Mercedes-Benz, dating back to 1961. This new facility ushers in a new era for both brands, aligning with the company's strategic vision to expand and adapt to the latest trends in the automotive industry while upholding the values and ethos of Mercedes-Benz. Designed in accordance with global Mercedes-Benz standards, the showroom promises to enhance the car-buying experience, merging innovation with elegance and marking the beginning of a new era in automotive excellence. The grand opening ceremony featured an enchanting ambiance, complete with laser lights and captivating music inspired by the Mercedes-Benz brand. The highlight was a dramatic reveal, where HE Sheikh Nawaf bin Nasser bin Khaled Al Thani, Chairman of NBK Group Mr. Michael Stroband, the President and CEO of Mercedes-Benz Cars Middle East unveiled the showroom and iconic vehicles from the brand. Following the welcoming speeches and reveal, HE Sheikh Nawaf bin Nasser Al Thani, accompanied by distinguished guests and media representatives, toured the showroom sections, exploring the array of fascinating services and facilities available. During the tour, guests witnessed the unveiling of two new iconic models: the Mercedes-AMG GT, and the all-electric Mercedes-Benz G-Class. HE Sheikh Nawaf bin Nasser bin Khaled Al Thani, Chairman of NBK Group, stated: 'Today, we celebrate a remarkable partnership between NBK Automobiles and Mercedes-Benz, one that has flourished since 1961. Built on a foundation of trust, vision, and mutual respect, this collaboration has allowed NBK Automobiles to become a beacon of excellence in the automotive industry. Continuing my family's legacy, we are proud to unveil this cutting-edge showroom in Doha. This space not only reflects Mercedes-Benz's innovation and commitment to quality but also underscores our dedication to delivering exceptional service and customer experiences. I would like to express my sincere gratitude to Mercedes-Benz for their continued collaboration, and I emphasize the significance of our shared values in reshaping industry standards'. HE Sheikh Faleh Bin Nawaf Al Thani, HE Sheikh Faleh Bin Nawaf Al Thani, Managing Director, NBK Group-Auto said: 'It is an honor for me to stand before you today as we continue my family's legacy. Tonight, we celebrate not only our rich history but also the opening of a modern and advanced showroom that embodies the shared values we hold with Mercedes-Benz. Nasser Bin Khaled Automobiles has become synonymous with excellence in the automotive sector, adhering to the strict quality standards for which Mercedes-Benz is renowned. We welcome all our valued customers to come and experience our new facility to discover what we mean by our slogan 'The Best or Nothing'. Mr. Michael Stroband, the President and CEO of Mercedes-Benz Cars Middle East said in his speech: 'The Middle East, and especially Qatar, has always been an important part of the Mercedes-Benz story. With our new retail concept, MAR20X, we are bringing our customers closer to the brand than ever before. This showroom is more than just a place to buy a car—it's a space where people can experience Mercedes-Benz in a whole new way. Whether it's exploring our latest models, learning about cutting-edge technology, or simply enjoying the beauty of automotive craftsmanship, this is a place designed for our customers'. During the event, HE Sheikh Nawaf bin Nasser bin Khaled Al Thani, presented two recognition awards to HE Sheikh Nasser Nawaf Al Thani, Executive Director of NBK Real Estate, and to Mr Kamal Al-Efranji, General Manager of NICC for their valuable contributions to execute this project. In addition, Mr. Michael Stroband presented the Mercedes-Benz plaque to His Excellency Sheikh Nawaf bin Nasser bin Khaled Al Thani in recognition of the long-term partnership between the two entities. Showroom Specifications and Design Spanning two floors and covering an area of 9,119 square meters, the new showroom showcases the latest MAR20X design concept from Mercedes-Benz, crafted by Ratnsorb, an MBGD-certified architect. The design features a distinctive glass ceiling that floods the space with natural light, complemented by an innovative Panda ceiling and Risto flooring, along with strategically designed façades at both the front and back. Atop the tower sits the renowned Mercedes-Benz Star, the second 8-meter star of its kind in the world, serving as a landmark in Doha. The showroom incorporates digital elements seamlessly throughout, including a dedicated barista area for fresh coffee and a central accessories and boutique display area offering a wide range of products. A captivating history wall chronicles the brand's legacy since 1900, showcasing the evolution of its logo and designs, which have consistently kept the star at the pinnacle of the automotive industry. Outdoor screens enhance the experience, transforming waiting moments into fascinating explorations of the captivating world of Mercedes-Benz. Exclusive Zones The showroom can accommodate 44 vehicles, featuring dedicated zones that highlight the brand's premium offerings. The Brand Heritage Zone showcases the rich history of NBK and Mercedes-Benz. The AMG Area includes an exclusive lounge, dedicated accessories display, and a sound counter, featuring a special reception and delivery area for AMG enthusiasts. The Exclusive Zone showcases Maybach and S-Class models with premium interior design, while the G-Class Zone features a desert-themed backdrop, complete with a dedicated lounge and accessory display. Additionally, the showroom includes a dedicated EQ display area with AC charger, along with a video wall and a section for certified pre-owned cars. Smart Features and Customer Experience Equipped with advanced technology to enhance customer interaction, the showroom features 31 digital screens of various sizes, including a main 7m x 2m digital signage. Interactive displays and 3D digital screens offer vehicle specifications, while virtual test drive experiences and consultation areas with screens mirroring iPads facilitate effective communication. A dedicated delivery area with five lounges ensures a memorable vehicle handover experience, each equipped with a giant screen for an 'unboxing your star' reveal. Sustainability and Accessibility In alignment with Mercedes-Benz standards, the outdoor area has been thoughtfully designed for efficient customer flow, featuring approximately 50 parking spaces. The showroom also includes 1 DC and 15 AC charging stations for EQ vehicles—six located inside and nine outside. Customer Education and Support To enhance customer knowledge, a Mercedes-Benz Product Expert will be available for personalized guidance on new vehicle features. Private consultation areas will facilitate paperwork discussions, while customer feedback will be encouraged through sales and CRM interactions. The Mercedes-AMG GT The all-new Mercedes-AMG GT Coupé breathes high performance, technical leadership, supreme appeal and absolute luxury. It's both motorsport thrill and everyday practicality all at once. Its 4.0-litre V8 biturbo engine boasts numerous motorsport materials and components, all built according to the "one man, one engine" principle. The powertrain thrills with explosive strength and impresses with ample power reserves in all aspects. The AMG SPEEDSHIFT MCT 9G is just one of many components that make it all possible. The transmission handles everything from relaxed cruising to sporty gear shifting: for a thoroughly captivating driving experience. The all-electric G-Class The all-new electric Mercedes-Benz G-Class is a bold leap into the electric era, preserving the iconic G-Class spirit with revolutionary electric performance. Crafted with precision, its spacious cabin boasts premium materials and electro-specific refinements, blending timeless elegance with offroad functionality. The fully electric G-Class maintains the iconic offroad prowess Mercedes-Benz is renowned for. Harnessing electric power, it delivers next-generation performance on challenging terrains, ensuring no compromise on its legendary capabilities. Its all electric range exceeds 491 KM, while its engine boosts a power of 432 hp, with 1164 Nm of torque. Location The new Nasser Bin Khaled and Sons Automobiles Showroom is located in the Musheireb Area, at the corner of Msheireb Downtown Doha. It is open from Sunday to Thursday, from 8 AM to 9 PM.
Zawya
16-02-2025
- Business
- Zawya
NBK-Egypt reports EGP 7.3bln (Equivalent to KWD 51.9mln) in net profit in FY2024
Al-Bahar: In 2024, we delivered the highest profit in the bank's history, driven by strong operational performance across our business segments Financial indicators reaffirm that we are on the right path toward further expansion and market share growth NBK-Egypt remains one of the fastest-growing banks, strengthening its presence with a distinctive footprint in the Egyptian market Our strategic focus is on advancing banking transactions and enhancing their quality to meet the rising demand El-Tayeb: The bank continues to deliver strong performance, surpassing expectations across all financial indicators We remain focused on strengthening our position in both the corporate and retail banking sectors NBK-Egypt continues its expansion in digital services and products to cater to a diverse customer base Aligned with global trends, we are committed to supporting sustainable finance and the transition to a green economy CSR remains a core priority, reinforcing our commitment to long-term community impact. National Bank of Kuwait - Egypt (NBK-Egypt) reported net profits of EGP 7.3 billion (Equivalent to KWD 51.9 million ) for the financial year 2024 compared to EGP 4.021 billion (Equivalent to KWD 41.4 million) reported in 2023 marking an impressive 81% increase compared to financial year 2023. Net Operating Income stood at EGP 13.5 billion by the end of FY2024, recording a substantial increase of 57% from EGP 8.7 billion recorded by the end of FY2023. In the meantime, Net Interest Income grew by 66%, reaching EGP 11.6 billion compared to EGP 7 billion in FY2023. Meanwhile, Net Operating Income (excluding interests) increased to EGP 1.9 billion in FY2024, compared to EGP 1.7 billion in FY2023, up by 17%, while Cost to Net Operating Income dropped from 28% in FY2023 to 21.2% in FY2024. Total assets reached EGP 196 billion by the end of FY2024, up by 50% compared to EGP 131 billion by the end of FY2023. Furthermore, total loans and credit facilities expanded to EGP 104 billion in FY2024, reflecting a growth rate of 37% compared to EGP 76 billion recorded at the end of FY2023. Additionally, customer deposits increased to EGP 160 billion by the end of FY2024, up from EGP 106 billion at the end of FY2023, representing a growth rate of 51%. Furthermore, the Return on Average Assets (ROAA) improved to 4.5% by the end of FY2024, compared to 3.4% by the end of FY2023, while the Return on Average Equity (ROAE) increased to 39.2% in FY2024, up from 30.7% in FY2023. 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: 'NBK-Egypt delivered record profits in 2024, underscoring the success of its operational strategy and reaffirming its trajectory toward further strengthening its position in the Egyptian market. As NBK Group's most significant market outside Kuwait, Egypt holds substantial growth potential, driven by its promising opportunities and positive economic outlook.' Al-Bahar highlighted that NBK's operations in Egypt are among the group's most profitable, delivering the highest returns on equity and assets. Al-Bahar emphasized that the sustained expansion of the balance sheet and the growth of the bank's financial indicators reaffirm the success of its business diversification strategy and accelerated digital transformation. This approach aims to strengthen market share, particularly in retail banking, within the region's most populous country and a key hub for investment opportunities. 'We are committed to enhancing service quality, expanding our geographical presence, and reaching a more diverse customer base. This progress is driven by the significant advancements in our digital infrastructure, information technology, and alternative electronic channels, which have positioned the bank as a strong competitor with a distinct presence in the Egyptian banking sector. This comes amid the rising demand for banking services and the increasing momentum of financial inclusion,' Al-Bahar stated. 'Egypt is a key growth market for NBK Group and a long-term strategic investment, where the Group remains committed to reinforcing its presence and strengthening its position,' Al-Bahar confirmed. Meanwhile, Vice Chairman, CEO, and Managing Director of National Bank of Kuwait-Egypt, Mr. 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. This achievement underscores the bank's resilience and prudent business model, reinforcing its ability to sustain success and growth.' Al-Tayeb emphasized that the bank's growth is balanced across all business activities, ensuring efficiency and a risk profile aligned with sustainable expansion. This success is driven by a prudent strategy that meets the evolving needs of both corporate and individual clients while diversifying income streams. Al-Tayeb noted that the bank's income sources stem from credit operations in the corporate sector, alongside a rapidly expanding retail banking segment, which has grown significantly in recent years. The bank's credit portfolio reflects a diverse client base, encompassing large, medium, and small enterprises, while its retail banking portfolio serves a broad spectrum of customers. This diversity underscores the strength and stability of the bank's revenue streams. He further emphasized the bank's commitment to strengthening its position in retail banking by introducing more advanced services and products tailored to meet customers' evolving financial needs and aspirations. El-Tayeb further emphasized NBK-Egypt's commitment to supporting the global shift toward sustainable finance and the transition to a green economy. The bank actively backs environmentally friendly projects that promote sustainability and increased reliance on renewable energy while exploring solutions to mitigate climate change and reduce carbon emissions. He highlighted that sustainable finance has become a vital tool for ensuring long-term financial stability and resilience. He also affirmed the bank's strong commitment to leveraging technology and digital channels to enhance its competitive edge in the banking sector. Recognizing their pivotal role, NBK-Egypt continues to expand its electronic services and encourage broader customer adoption of digital payments. This aligns with the broader strategy of the Egyptian government and the Central Bank of Egypt to promote financial inclusion, integrate new customer segments into the formal banking system, and drive the transition toward a less cash-dependent economy. El-Tayeb concluded by highlighting NBK-Egypt's steadfast commitment to social responsibility, emphasizing that since the Group's entry into the Egyptian market in 2007, the bank has actively supported the local community. Through partnerships with reputable civil society organizations, NBK-Egypt channels its development efforts toward impactful initiatives, reinforcing its role as a responsible corporate citizen. Social responsibility remains a cornerstone of the bank's sustainability strategy, contributing to national development across key areas, including: Healthcare provision Education and employment support Environmental conservation Social solidarity Development of underserved areas Economic development About the Bank: NBK-Egypt has a vast network of 53 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, UK, Paris, USA, and Singapore, in addition to its regional presence in Egypt, Lebanon, Bahrain, Saudi Arabia, Iraq, and the UAE.
