National Bank of Kuwait - Egypt (NBK-E) reported net profit of EGP284 million ($36.2 million) for the first half of 2015 compared with EGP177.7 million ($22.69 million) for the same period in 2014, 59.8 per cent increase year-on-year.

NBK-Egypt (previously Al Watany Bank of Egypt) is a member of National Bank of Kuwait Group and was established in 1980.

Total assets as of end-June 2015 grew 43.2 per cent year-on-year reaching EGP33.8 billion (4.31billion) compared to EGP23.6 billion ($3.01 billion) as of end-June 2014, while customer deposits grew by 39.7 per cent during the same period to reach EGP28.5 billion ($3.63 billion) compared to EGP20.4 billion ($2.60 billion) in 2014, said a statement from the bank.

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, it said.

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

Isam Al-Sager, 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,” he said. – TradeArabia News Service