NBK-Egypt reports EGP 1.28 billion (KD 11.71 million) in net profit in in 1Q2024

NBK-Egypt reports EGP 1.28 billion (KD 11.71 million) in net profit in in 1Q2024

Yasser El-Tayeb Kuwait / Egypt, May 25: National Bank of Kuwait – Egypt (NBK-Egypt) has announced net profits of EGP 1.28 billion (KD 11.71 million) for the first quarter of 2024, a significant increase from the EGP 652 million (KD 6.88 million) reported in the first quarter of 2023, showcasing an impressive growth rate of …

Yasser El-Tayeb

Kuwait / Egypt, May 25: National Bank of Kuwait – Egypt (NBK-Egypt) has announced net profits of EGP 1.28 billion (KD 11.71 million) for the first quarter of 2024, a significant increase from the EGP 652 million (KD 6.88 million) reported in the first quarter of 2023, showcasing an impressive growth rate of 96.32%.

Net Operating Income stood at EGP 2.75 billion, recording a substantial increase of 48.6% from EGP 1.85 billion recorded in the corresponding period of 2023. In the meantime, Net Interest Income grew by 53.9%, reaching EGP 2.37 billion compared to EGP 1.54 billion in 1Q2023.

On the other hand, Net Operating Income (excluding interests) increased to EGP 382.67 million in 1Q2024, compared to EGP 321.64 million in 1Q2023, up by 18.97%, while Cost to Net Operating Income dropped from 37.51% in 1Q2023 to 26.15% in 1Q2024.

Total assets reached EGP 155.56 billion in