NBK-Egypt reports KD 16.2m in net profit for first half of 2023

NBK-Egypt reports KD 16.2m in net profit for first half of 2023

KUWAIT: National Bank of Kuwait – Egypt (NBK-Egypt) has announced net profits of EGP 1.565 billion (equivalent to KD 16.2 million) for the six-month ended June 30, 2023. This marks a significant increase from the EGP 756.5 million (equivalent to KD 13.8 million) recorded in the corresponding period of last year, representing an impressive annual growth of 106.9 percent. In the first half of 2023, the net operating income stood at EGP 3.9 billion, a substantial increase from the EGP 2 billion recorded in the corresponding period of 2022 up by 95 percent.

In the meantime, net interest income jumped by 88.2 percent, reaching EGP 3.2 billion compared to EGP 1.7 billion in the corresponding period of the previous year. On the other hand, net operating income (excluding interests) increased to EGP 711 million in 1H2023, compared to EGP 330 million in 1H2022, up by 115.5 percent, while cost to net operating Income dropped from 39.7 percent in 1H2022 to 33.8 percent in 1H2023. Total assets reached EGP 114.8 billion by the end of the first half, exhibiting a 9.2 percent increase compared to the year-end balance of EGP 105.1 billion in 2022.

Furthermore, the net balance of loans and credit facilities