Isam Al Sager and Yasser Hassan
NBK-Egypt Q1 net profit up 12pc
Cairo, May 21, 2014
National Bank of Kuwait said its Egyptian subsidiary reported net profits of EGP 97 million in the first quarter, up 12 per cent compared to EGP 86.6 million in the same period last year.
The bank's total assets increased by 21.1 per cent year-on-year to EGP 21.2 billion. The customers’ deposits grew 32.8 per cent y-o-y to EGP 18.2 billion.
NBK Group CEO and NBK-Egypt chairman Isam Al Sager said these strong results confirm the bank’s progress in strengthening its position in the Egyptian market, providing world-class services and products that reflect NBK’s reputable position regionally and its strong reputation internationally.
“This solid performance also affirms the success of NBK Group’s regional expansion efforts as the Egyptian market remains a main pillar in NBK’s international operations for its positive outlook and the growth potential it offers,” remarked Al Sager.
Yasser Hassan, NBK-Egypt’s managing director, said that despite the challenging operating environment, the bank had been able to maintain its strong performance thanks to its conservative approach as a subsidiary of NBK Group.
"NBK-Egypt has also benefited from the flight-to-safety, which is reflected in the growth in customers’ deposits and other balance sheet indicators," he added.-TradeArabia News Service