NBK-Egypt reports KD 6.9 million in net profits

NBK-Egypt reports KD 6.9 million in net profits

KUWAIT: National Bank of Kuwait-Egypt (NBK-Egypt) reported EGP 652.5 million (Equivalent to KD 6.9 million) in net profits in the three months ended March 31, 2023, compared to EGP 348.7 million (Equivalent to KD 6.7 million) for the same period of the year 2022, recording a growth of 87% YoY. In the first quarter of 2023, NBK-Egypt witnessed significant growth in key financial indicators. Net Interest Income recorded a remarkable increase of 100%, reaching EGP 1.54 billion compared to EGP 0.77 billion in the same period of the previous year.

Additionally, Net Operating Income experienced substantial growth of 99%, amounting to EGP 1.85 billion in 1Q2023 compared to EGP 0.93 billion in 1Q2022. Moreover, customer deposits saw a positive trend, rising by 4.50% to reach EGP 88.3 billion as of March 31, 2023, compared to EGP 84.5 billion by the end of 2022. NBK Egypt’s total assets reached EGP 109.3 billion by the end of the first quarter, exhibiting a 4% increase compared to the year-end balance of EGP 105.1 billion in 2022. Furthermore, the net balance of loans and credit facilities expanded to EGP 58.1 billion by the end of March 2023, reflecting a growth rate of 6.9% compared to