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Egypt: NBK holds dinner banquet for the Kuwait Chamber of Commerce and Industry delegates

National Bank of Kuwait-Egypt (NBK-Egypt) held a dinner banquet in honor of the delegation representing Kuwait Chamber of Commerce and Industry that visited Cairo earlier this week to discuss further strengthening the economic cooperation between the two nations and expanding investment opportunities.

The banquet was held at the Four Seasons Cairo Nile Plaza and was attended by Kuwait's Ambassador to Cairo, H.E. Ghanem Saqr Al-Ghanim, Chairman of the Financial Regulatory Authority, Mr. Mohamed Farid Saleh, and Chairman of the Stock Exchange, Mr. Rami El-Dokany, along with a group of Kuwaiti and Egyptian businessmen.

Unbreakable Ties

As part of his welcoming speech, Mr. Isam Al-Sager. Vice-Chairman and Group Chief Executive Officer of National Bank of Kuwait, stressed the strong connections and deep bonds between Kuwait and Egypt, underscoring their strategic partnership and shared visions on various bilateral and regional issues, as well as the keenness of the two countries’ leaderships to promote these ties in a way that achieves the common interest of the Egyptian and Kuwaiti people.

“The Egyptian economic performance has recently showed remarkable growth in all sectors, as the State reaps the fruits of its successful economic reform that started years ago.” Al-Sager said.

Al-Sager also highlighted in his speech the comprehensive infrastructure development plan sweeping across the country, and the launch of numerous national projects in vital sectors, including transportation and energy, aimed at providing a favorable environment for economic growth and attracting foreign investments.

Strategic Vision
Al-Sager emphasized that NBK group has always maintained a proactive vision and a strategic course for its investments in the Egyptian market that has seen encouraging development and promising growth prospects over the past few years. “Our development plan has been put into high gear since 2007, effectively working on further developing our banking services and products, and successfully implementing our digital transformation strategy, supported by our state-of-the-art digital infrastructure and extensive expertise.” Al-Sager explained.

Al-Sager further clarified that NBK provides the best financial solutions and its top-notch advisory services to the Egyptian and Kuwaiti markets, utilizing the Group’s vast expertise and enormous capabilities, thus contributing to investment growth and aiding trade exchange as well as enhancing the cooperation between various business sectors and government agencies, which should reflect positively on the growth and prosperity of both economies. 

Best Bet
Al-Sager stressed that when it comes to the Egyptian economy and its potential, NBK has been on the right track for the past 15 years. NBK - Egypt has become the largest Kuwaiti investment in Egypt, noting that the Bank successfully positioned itself as a leading financial institute on the map of private banks operating in Egypt. 

“Our huge investment in the Egyptian market is a vote of confidence in this buoyant market and a strategic pillar in our long-term growth plan”. Al-Sager said. “NBK-Egypt has been making vast strides forward, achieving enormous growth and adopting a transformational approach. This is evident in the Bank’s growth, as total assets increased to about EGP 87 billion on the back of the rapid growth of our loan portfolio to EGP 48 billion through financing various sectors across the Egyptian market, including mega national projects and key development activities. NBK-Egypt also managed to successfully gain a leading position in the Egyptian banking sector, thanks to our strong balance sheet and our wide network spreading across key locations across the country, in addition to providing the latest banking solutions and industry-leading advisory services, in line with the latest digital banking trends.”. Al-Sager added.

Al-Sager also pointed out that the Group has also been focused on developing NBK-Egypt’s digital infrastructure, upgrading its IT foundation and electronic channels, and strengthening its competitive edge in the banking sector. Moreover, the Bank’s digital roadmap is firmly aligned with “Egypt Vision 2030”, the national direction and the Central Bank’s strategy focused on a smooth transition towards digital economy and financial inclusion.

Highlighting the Banks’ community involvement, Al-Sager stressed that NBK - Egypt is dedicated to serving the Egyptian community, with a special focus on being a reliable partner in the development process to accelerate the achievement of Egypt’s sustainable development goals as outlined in “Vision 2030”. It is worth noting that the Bank’s CSR contributions stood at around EGP 158 million over the past five years.
Presidential Reception

President Abdel Fattah El-Sisi received the delegation of Kuwait Chamber of Commerce and Industry visiting Cairo this week at the presidency headquarter in Cairo to discuss boosting the economic relations across various sectors and increasing investment opportunities between both countries.

The President asserted Egypt’s keenness to strengthen its communication with Kuwaiti investors and Egypt’s full commitment to pave the way to overcome any obstacles they may face. Meanwhile, the Kuwaiti delegation praised the attractive investment environment that Egypt is currently promoting, thanks to the strenuous steps taken by the Egyptian government to accommodate investors’ needs, highlighting the importance of the Egyptian market to Kuwaiti businessmen, as they continue to seek more investment opportunities in this lucrative market, capitalizing on the serious fundamental changes and investment climate reforms that the Egyptian government has undertaken.

The delegation pointed out that Kuwaiti investments in Egypt promote economic and social development, further consolidate and strengthen their cooperation, and encourage their cooperation to achieve sustainable development and improve trade exchange. The meeting was attended by Chairman of Kuwait Chamber of Commerce and Industry, Mr. Mohammad Al-Sager, and representatives of the Chamber, Kuwaiti government agencies, unions, and companies

Economic Forum

The Kuwaiti delegation attended the Egyptian-Kuwaiti Cooperation Forum, organized by the Federation of Egyptian Chambers of Commerce and Kuwait Chamber of Commerce and Industry. Among the key issues to be discussed during the forum was the signature of a cooperation protocol between both parties. The forum also discussed investment opportunities and the business environment in Egypt, major national projects across various sectors, including agriculture, industrial and real estate investment, in addition to tourism and service projects.

Other topics discussed during the forum included the Direct Investment Promotion Authority’s presentation on the investment climate in Kuwait. The forum was concluded by paying a visit to the New Administrative Capital to witness the latest development and infrastructure achievements of this vital national project.

Historical Ties

Egypt-Kuwait relations have been growing steadily throughout history, at all levels, officially and publicly. The strength of relations between the two countries stems from deep ties as they extend bridges of cooperation in all fields. Public and private sectors in Kuwait invest heavily in the Egyptian economy, with about USD 19 billion in investments, while trade exchange between Egypt and Kuwait stood at USD 5 billion in 2020. Moreover, Kuwait is Egypt's third largest Arab trading partner after Saudi Arabia and the UAE.

Egypt: NBK-Egypt Reports EGP 2 Billion (Equivalent to KWD 12.6 million) Net Profit in 1Q2025

National Bank of Kuwait - Egypt (NBK-Egypt) has reported net profits of EGP 2 billion (Equivalent to KWD 12.6 million) for the first three months of 2025, from the EGP 1.3 billion (Equivalent to KWD 11.7 million) reported in the corresponding period of 2024, showcasing an impressive growth rate of 58%.

Net Operating Income stood at EGP 3.8 billion in 1Q2025, recording an increase of 38% from EGP 2.8 billion recorded in the corresponding period of 2024. In the meantime, Net Interest Income grew by 41%, reaching EGP 3.3 billion compared to EGP 2.4 billion in 1Q2024.

Meanwhile, Net Operating Income (excluding interests) increased to EGP 0.5 billion in 1Q2025, compared to EGP 0.4 billion in 1Q2024, up by 20%, while Cost to Net Operating Income dropped from 26% in 1Q2024 to 25% in 1Q2025.

Total assets reached EGP 203 billion by the end of 1Q2025, up by 4% compared to EGP 196 billion by the end of 2024. Furthermore, total loans and credit facilities expanded to EGP 109 billion in 1Q2025, reflecting a growth rate of around 5% compared to EGP 104 billion recorded at the end of 2024.  Additionally, customer deposits increased to EGP 164 billion by the end of 1Q2025, up from EGP 160 billion at the end of 2024, representing a growth rate of 3%. Furthermore, The Return on Average Assets (ROAA) improved to 4.1% in 1Q2025, compared to 3.6% in the corresponding period of 2024, while the Return on Average Equity (ROAE) increased to 35.8% in 1Q2025, up from 33.6% in the corresponding period of 2024.

Commenting on the financial results announced by NBK-Egypt, Ms. Shaikha Al-Bahar, Deputy Group Chief Executive Officer, National Bank of Kuwait, and Chairman of NBK-Egypt, said: “The robust profit growth achieved by National Bank of Kuwait – Egypt in the first quarter of 2025 is a clear testament to the strength of our financial position, the resilience of our business model, and our ability to perform across varying economic landscapes.”

 Al-Bahar explained that despite operational headwinds, the bank succeeded in delivering strong performance across its core business segments during the first quarter of 2025. She emphasized that the continued expansion of the bank’s balance sheet and the sustained growth in key financial indicators reaffirm the soundness of NBK Group’s strategic vision

. She noted that the bank remains firmly on track to further strengthen its position in what has become the Group’s most significant foreign market, given Egypt’s vast potential, positive outlook, and promising growth opportunities.

Furthermore, Al-Bahar affirmed that Egypt remains a key growth market for NBK Group and represents a cornerstone of its long-term strategic investments. She highlighted that the Group’s operations in Egypt continue to rank among its most profitable, delivering the highest returns on shareholders’ equity and assets. This performance, she noted, reflects the success of NBK’s business diversification strategy and the rapid momentum of its digital transformation journey—both of which are central to the bank’s efforts to expand its market share, particularly in retail banking, within one of the region’s most populous countries and one of its most promising investment landscapes.

She underscored the prominent footprint NBK Egypt has established as one of the fastest-growing banks in the Egyptian banking sector—an achievement clearly reflected in its robust financial indicators and the sustained growth in business performance witnessed over recent years.

Al-Bahar also noted that NBK Egypt is focused on enhancing the quality of its services, expanding its geographical presence, and reaching a broader and more diverse customer base. She highlighted the significant strides the bank has made in modernizing its digital infrastructure, information technology systems, and electronic channels—advancements that have reinforced its position as a strong and competitive player in the Egyptian banking market. This progress comes in tandem with the growing demand for banking services and the rising momentum of financial inclusion across the country. 

Meanwhile, Vice Chairman, CEO, and Managing Director of National Bank of Kuwait-Egypt, Mr. Yasser El-Tayeb, said: “The robust financial results achieved by the bank at the end of the first quarter of 2025 underscore the resilience and adaptability of our business model, enabling sustained growth despite the challenges posed by local, regional, and global market conditions.”

El-Tayeb highlighted that NBK Egypt’s business growth is well-balanced across all sectors, while maintaining efficiency and risk ratios aligned with sustainable expansion. This success is attributed to the bank’s prudent policies and a flexible business model designed to effectively meet customer needs.

He emphasized that NBK-Egypt is experiencing consistent growth across all activities and business sectors while maintaining efficiency rates and risk ratios that align with this expansion. This approach ensures business sustainability and customer satisfaction alike, thanks to the bank's prudent policies and its robust business model capable of meeting customer needs and diversifying income sources. 

He further added that the majority of NBK Egypt’s income is generated from credit operations within the corporate sector, alongside contributions from retail banking. The bank’s credit portfolio encompasses a wide range of clients, including large, medium, and small enterprises, while its retail banking portfolio serves diverse customer segments. This breadth underscores the strength and diversity of the bank’s income sources.

Al-Tayeb emphasized the bank’s commitment to further strengthening its position in the retail banking sector by offering advanced services and products tailored to diverse customer segments, aiming to establish itself as a comprehensive bank that fulfills all their financial and life needs.

He also affirmed the bank’s ongoing commitment to enhancing its digital banking services, aiming to deliver a seamless and unique banking experience that enables customers to carry out most of their transactions anytime and from anywhere. He added that the bank is actively working to encourage wider adoption of digital payment channels, in line with the broader policy directions of the Egyptian government and the Central Bank of Egypt.

El-Tayeb concluded by underscoring NBK Egypt’s commitment to supporting the global shift toward sustainable finance and the transition to a green economy. He noted that the bank actively backs environmentally responsible projects that promote sustainability and rely on renewable energy sources. In addition, it continues to explore viable solutions to mitigate the adverse effects of climate change and reduce carbon emissions. He further highlighted that sustainable finance has become one of the most critical tools for safeguarding long-term financial stability.

Egypt: NBK-Egypt Reports EGP 7.3 billion (Equivalent to KWD 51.9 million) in Net Profit in FY2024

National Bank of Kuwait - Egypt (NBK-Egypt) reported net profits of EGP 7.3 billion (Equivalent to KWD 51.9 million ) for the financial year  2024 compared to EGP 4.021 billion (Equivalent to KWD 41.4 million) reported in 2023 marking an impressive 81% increase compared to financial year 2023.

Net Operating Income stood at EGP 13.5 billion by the end of FY2024, recording a substantial increase of 57% from EGP 8.7 billion recorded by the end of FY2023. In the meantime, Net Interest Income grew by 66%, reaching EGP 11.6 billion compared to EGP 7 billion in FY2023.

Meanwhile, Net Operating Income (excluding interests) increased to EGP 1.9 billion in FY2024, compared to EGP 1.7 billion in FY2023, up by 17%, while Cost to Net Operating Income dropped from 28% in FY2023 to 21.2% in FY2024.

Total assets reached EGP 196 billion by the end of FY2024, up by 50% compared to EGP 131 billion by the end of FY2023. Furthermore, total loans and credit facilities expanded to EGP 104 billion in FY2024, reflecting a growth rate of 37% compared to EGP 76 billion recorded at the end of FY2023.  Additionally, customer deposits increased to EGP 160 billion by the end of FY2024, up from EGP 106 billion at the end of FY2023, representing a growth rate of 51%.

Furthermore, the Return on Average Assets (ROAA) improved to 4.5% by the end of FY2024, compared to 3.4% by the end of FY2023, while the Return on Average Equity (ROAE) increased to 39.2% in FY2024, up from 30.7% in FY2023.

Commenting on the financial results announced by NBK-Egypt, Ms. Shaikha Al-Bahar, Deputy Group Chief Executive Officer, National Bank of Kuwait, and Chairman of NBK-Egypt, said: “NBK-Egypt delivered record profits in 2024, underscoring the success of its operational strategy and reaffirming its trajectory toward further strengthening its position in the Egyptian market. As NBK Group’s most significant market outside Kuwait, Egypt holds substantial growth potential, driven by its promising opportunities and positive economic outlook.”

Al-Bahar highlighted that NBK’s operations in Egypt are among the group’s most profitable, delivering the highest returns on equity and assets.

Al-Bahar emphasized that the sustained expansion of the balance sheet and the growth of the bank's financial indicators reaffirm the success of its business diversification strategy and accelerated digital transformation. This approach aims to strengthen market share, particularly in retail banking, within the region’s most populous country and a key hub for investment opportunities.

“We are committed to enhancing service quality, expanding our geographical presence, and reaching a more diverse customer base. This progress is driven by the significant advancements in our digital infrastructure, information technology, and alternative electronic channels, which have positioned the bank as a strong competitor with a distinct presence in the Egyptian banking sector. This comes amid the rising demand for banking services and the increasing momentum of financial inclusion,” Al-Bahar stated.

“Egypt is a key growth market for NBK Group and a long-term strategic investment, where the Group remains committed to reinforcing its presence and strengthening its position,” Al-Bahar confirmed.

Meanwhile, Vice Chairman, CEO, and Managing Director of National Bank of Kuwait-Egypt, Mr. Yasser El-Tayeb, said: “The bank's strong financial performance at the end of 2024 surpassed expectations and targets, despite challenges and exceptional circumstances affecting the business environment both locally and globally. This achievement underscores the bank’s resilience and prudent business model, reinforcing its ability to sustain success and growth.”

Al-Tayeb emphasized that the bank’s growth is balanced across all business activities, ensuring efficiency and a risk profile aligned with sustainable expansion. This success is driven by a prudent strategy that meets the evolving needs of both corporate and individual clients while diversifying income streams.

Al-Tayeb noted that the bank’s income sources stem from credit operations in the corporate sector, alongside a rapidly expanding retail banking segment, which has grown significantly in recent years. The bank’s credit portfolio reflects a diverse client base, encompassing large, medium, and small enterprises, while its retail banking portfolio serves a broad spectrum of customers. This diversity underscores the strength and stability of the bank’s revenue streams. He further emphasized the bank’s commitment to strengthening its position in retail banking by introducing more advanced services and products tailored to meet customers' evolving financial needs and aspirations.

El-Tayeb further emphasized NBK-Egypt’s commitment to supporting the global shift toward sustainable finance and the transition to a green economy. The bank actively backs environmentally friendly projects that promote sustainability and increased reliance on renewable energy while exploring solutions to mitigate climate change and reduce carbon emissions. He highlighted that sustainable finance has become a vital tool for ensuring long-term financial stability and resilience.

He also affirmed the bank’s strong commitment to leveraging technology and digital channels to enhance its competitive edge in the banking sector. Recognizing their pivotal role, NBK-Egypt continues to expand its electronic services and encourage broader customer adoption of digital payments. This aligns with the broader strategy of the Egyptian government and the Central Bank of Egypt to promote financial inclusion, integrate new customer segments into the formal banking system, and drive the transition toward a less cash-dependent economy.

El-Tayeb concluded by highlighting NBK-Egypt’s steadfast commitment to social responsibility, emphasizing that since the Group’s entry into the Egyptian market in 2007, the bank has actively supported the local community. Through partnerships with reputable civil society organizations, NBK-Egypt channels its development efforts toward impactful initiatives, reinforcing its role as a responsible corporate citizen. Social responsibility remains a cornerstone of the bank’s sustainability strategy, contributing to national development across key areas, including:

• Healthcare provision

• Education and employment support

• Environmental conservation

• Social solidarity

• Development of underserved areas

• Economic development