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Egypt: NBK-Egypt reports EGP 5.2 billion in net profit by the end of 3Q2024
02.12.2024National Bank of Kuwait - Egypt (NBK-Egypt) has reported net profits of EGP 5.2 billion for the first nine months of 2024, a significant increase from the EGP 2.6 billion reported in the corresponding period of 2023, showcasing an impressive growth rate of 101%.
Net Operating Income stood at EGP 9.7 billion, recording a substantial increase of 57% from EGP 6.2 billion recorded in the corresponding period of 2023. In the meantime, Net Interest Income grew by 65%, reaching EGP 8.2 billion compared to EGP 5 billion in 9M2023.
Meanwhile, Net Operating Income (excluding interests) increased to EGP 1.4 billion in 9M2024, compared to EGP 1.2 million in 9M2023, up 23%, while Cost to Net Operating Income dropped from 32% in 9M2023 to 22% in 9M2024.
Total assets reached EGP 181.9 billion by the end of the third quarter of 2024, up by39% compared to EGP 130.6 billion by the end of 2023. Furthermore, total loans and credit facilities expanded to EGP 98.1 billion by the end of 3Q2024, reflecting a growth rate of 29% compared to EGP 76.1 billion recorded at the end of 2023. Additionally, customer deposits increased to EGP 147.2 billion by the end of 3Q2024, up from EGP 105.9 billion at the end of 2023, representing a growth rate of 39%. Furthermore, The Return on Average Assets (ROAA) improved to 4% in September 2024, compared to 3% in the corresponding period of 2023, while the Return on Average Equity (ROAE) increased to 40% in 3Q2024, up from 28% in the corresponding period of 2023.
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 growth in NBK-Egypt's profits and financial performance by the end of 3Q2024 underscores the strength of the bank's financial position and the resilience of its profit-generating business model, even amid operational challenges. Since its debut in the Egyptian market in 2007, NBK Group has consistently demonstrated its confidence in the significant opportunities and untapped potential this dynamic market offers”.
Al-Bahar highlighted the Egyptian market's strategic importance to NBK Group, emphasizing its position as a cornerstone of the Group's long-term investment strategy. Egypt is considered the second domestic market for the Group and hosts NBK's largest Kuwaiti investment outside Kuwait.
The bank has established a strong presence in the Egyptian banking sector as one of the fastest-growing institutions in the market. NBK-Egypt's operations are among the Group's most profitable, consistently delivering high returns on equity. All financial indicators point to continued success, with the bank positioned for further expansion and increased market share. Al-Bahar also noted NBK's significant focus on enhancing retail banking services in Egypt, the most populous market in the region.
"We are committed to enhancing service quality, expanding our geographical reach, and engaging with a broader and more diverse customer base. This strategy leverages the substantial advancements the bank has achieved in digital infrastructure, information technology, and electronic channels, which have experienced remarkable growth. These developments have positioned the bank as a strong competitor in the Egyptian banking sector, particularly amidst the growing demand for banking services and the rising rates of financial inclusion," Al-Bahar added.
Meanwhile, Vice Chairman, CEO, and Managing Director of National Bank of Kuwait-Egypt, Mr. Yasser El-Tayeb, said: “Despite the exceptional challenges faced by the business community both locally and globally, the bank's financial performance at the end of the third quarter of 2024 underscores its resilience and capacity for growth. Strong financial figures and indicators highlight the bank's ability to achieve solid results, reflecting the effectiveness of its business model and strategic direction”.
El-Tayeb emphasized that NBK-Egypt's business growth reflects a balanced expansion across all operations, underpinned by maintaining efficiency and risk ratios aligned with both growth objectives and long-term sustainability. This achievement stems from the bank's prudent strategies and a well-considered business model designed to adapt with agility to customer needs while ensuring operational resilience.
El-Tayeb highlighted that NBK-Egypt's income sources are predominantly driven by credit operations in the corporate sector, complemented by the substantial growth of the retail banking sector, particularly in recent years. The bank's credit portfolio demonstrates a significant diversity, catering to a wide range of companies, including large, medium, and small enterprises. Additionally, the retail banking portfolio encompasses various customer segments, reflecting the robustness and diversity of the bank's revenue streams. This diversity underscores the organization’s strategic strength and its ability to sustain growth across multiple sectors.
Furthermore, he emphasized that the bank is focused on further strengthening its position in the retail banking sector by offering advanced services and products tailored to diverse customer segments. The goal is to establish the bank as a comprehensive financial institution that not only meets all customers' financial needs but also offers a range of services that enhance their connection to the bank, supporting their work and lifestyle both within Egypt and abroad. This vision is bolstered by NBK Group's extensive regional and global presence, operating in 13 countries worldwide, which enables the bank to offer a robust and internationally connected banking experience.
El-Tayeb also stated that the bank recognizes the crucial role of technology and electronic channels in the banking sector, understanding their importance in enhancing competitive advantage, stating that: “With this in mind, we have prioritized a strong push to expand our electronic banking services, investing significantly in this field. Our aim is to provide customers with a unique banking experience that enables them to complete most banking transactions wherever they are, whenever they want. Additionally, we are actively encouraging customers to increase their use of electronic payment methods, aligning with the broader national strategy and the policies of the Central Bank of Egypt.”
El-Tayeb concluded by emphasizing that NBK-Egypt is committed to supporting the global shift towards sustainable finance and the transition to a green economy. The bank actively supports environmentally friendly projects that promote sustainability and increasingly rely on renewable energy sources. Additionally, the bank is exploring solutions to mitigate the negative effects of climate change and reduce carbon emissions. Sustainable finance, he noted, has become one of the most critical tools for ensuring long-term financial stability.
Kuwait: NBK Posts Strong Net Profits of KD 575.6 Million in FY2025
28.01.2026National Bank of Kuwait (NBK) has announced its financial results for the financial year ended 31 December 2025.The Bank reported a net profit of KD 575.6 million (USD 1.9 billion), compared to KD 600.1 million (USD 2.0 billion) for the financial year 2024. Earnings per share (EPS) stood at 64 fils for 2025, compared to 66 fils for 2024.
Profit before tax increased by 5.4% on a year-on-year basis, reaching KD 734.6 million (USD 2.4 billion) at the end of 2025, compared to KD 696.8 million (USD 2.3 billion) in 2024.
Total assets as of December 2025 grew by 13.1% year-on-year, reaching KD 45.6 billion (USD 149.4 billion), while customer deposits grew by 14.0%, totaling KD 26.1 billion (USD 85.3 billion) by the end of 2025.
Meanwhile, Group loans and advances reached KD26.8 billion (USD 87.8 billion) by December 2025, reflecting a growth of 13.1% year-on-year. In the meantime, shareholders' equity also saw an increase, standing at KD 4.3 billion (USD 14.0 billion), up by 9.2% year-on-year.
In terms of distributions, the Board of Directors has proposed a cash dividend of 35 fils per share for the financial year 2025, equivalent to 53% of net profits. In addition, the Board has recommended the distribution of bonus shares at a ratio of 5%. These proposed distributions are subject to the approval of the Annual General Assembly (AGM).
A Prudent Approach
Commenting on the Bank's annual financial results, Mr. Hamad Al-Bahar, NBK Group Chairman, affirmed that, despite the challenges posed by the global economic environment in 2025, including the repercussions of geopolitical tensions, tariff pressures, and the accommodative trajectory of interest rates, the Bank succeeded in further consolidating its position as a leading financial institution. This performance was underpinned by a prudent operating approach and a flexible strategy anchored in diversification and financial discipline.
Al-Bahar noted that the Bank’s financial results for the year ended 31 December 2025 reflect NBK’s ability to adapt and navigate a wide range of economic conditions, supported by a diversified business model, a strong capital base, high-quality assets, comfortable liquidity position, and a robust governance and risk management framework.
He added that the Bank continues to successfully execute its strategy of balancing the delivery of superior returns to shareholders with meeting the evolving needs of its customers. He further emphasized that sustainability has become a central pillar of NBK’s long-term growth agenda. The Bank recorded a significant year-on-year increase of approximately 23% in the value of its sustainable assets, reaching USD 6.10 billion by the end of 2025. This represents 61% of its strategic 2030 target of USD 10 billion. Al-Bahar added that 2025 marked a year of significant achievements that further reinforced NBK’s position as the largest contributor to corporate social responsibility initiatives in Kuwait. Among the most notable milestones were the inauguration of the Shuwaikh Beach Development and Beautification Project, funded by the Bank at a cost of KWD 3 million, as well as the laying of the foundation stone for the expansion of the NBK Children’s Hospital for Hematology, Oncology, and Stem Cell Transplant. The expansion includes the construction of a new building at an estimated cost of nearly KWD 19 million.
Solid Operating Performance
Meanwhile, Mr. Isam J. Al-Sager, NBK Group Vice Chairman and CEO, said: “The Group’s 2025 results reflect the solid operating performance delivered across its various business segments, led by its core banking activities, despite the volatile global operating environment and its spillover effects on regional and local markets. During the year, the Group recorded a year-on-year growth of 3.6% in net operating income, reaching KWD 1.3 billion (USD 4.2 billion).”
He noted that the Group’s profit before tax recorded a year-on-year increase of 5.4% in 2025, while net profits were impacted by the application of the domestic top-up minimum tax on multinational entities operating in Kuwait. He emphasized that this impact on profit growth is transitional in nature, reflecting the base-year effect of 2025 as the first year of the tax’s implementation.
Al-Sager emphasized that NBK Group’s diversified business mix, carefully calibrated strategic investments, and disciplined risk management have mitigated the impact of adverse global economic conditions. He added that NBK continues to invest in technology and innovation as fundamental pillars of inclusive and sustainable growth, while also expanding its customer base and capitalizing on opportunities across promising markets and key sectors.
He further noted that, throughout 2025, the Bank continued to roll out innovative banking services and products specifically designed to meet the evolving needs of its customers. In addition, the Group’s Consumer and Digital Banking arm launched its new five-year strategy through 2030, marking a strategic shift from mere digitization of services to a fully customer-centric, underpinned by data collection and advanced analytics. This transformation further reinforces NBK’s leadership position locally and regionally, offering an exceptional banking experience.
Furthermore, Al-Sager pointed to the key contribution of both NBK Group’s corporate banking and international operations, as well as Boubyan Bank— the Group’s Islamic banking arm— in strengthening the Group’s profits. He further highlighted that NBK Wealth has continued to consolidate its position as the largest wealth management entity in Kuwait and among the largest in the region, by offering an integrated suite of private banking, investment management, and advisory services through a globally connected network of operations.
On major financing transactions, Al-Sager stated: “During 2025, NBK led a KWD 1.5 billion syndicated term facility with Kuwait Petroleum Corporation (KPC). This transaction represents the largest financing of its kind denominated in Kuwaiti Dinars. The Bank served as the mandated lead arranger and bookrunner for the facility, as well as the agent for the conventional tranche. NBK’s share amounted to KD 495 million of the total financing, making it the largest contributor among all participating conventional and Islamic banks, accounting for approximately 60% of the KD 825 million conventional tranche.”
Al-Sager noted that this transaction reinforces NBK’s position as the largest financier of Kuwait’s oil sector and the primary banking partner for energy companies in supporting their expansion and growth plans.
He further noted that Kuwait Clearing Company’s selection of NBK as the country’s main settlement bank represents a testament to the Bank’s substantial investments in digital infrastructure and its high level of operational readiness. This milestone further strengthens NBK’s role in advancing the development of Kuwait’s capital market infrastructure.
On the sustainability front, Al-Sager affirmed that NBK continues to deepen its leading role in shaping a more sustainable future through its green financing initiatives and the development of products and solutions that reflect global best practices in sustainable finance. In this context, he pointed to the Bank’s signing in 2025 of Kuwait’s first-ever green loan agreement. He also highlighted NBK’s ongoing efforts to strengthen its environmental, social, and governance (ESG) framework through measurable initiatives that support emissions reduction and the achievement of carbon neutrality by 2060.
The Operating Environment
Al-Sager expressed his optimism regarding an improvement in the domestic operating environment in 2026, supported by a number of key factors.
He explained that the Financing and Liquidity Law enacted in 2025 has established an advanced framework for long-term sovereign debt issuances, thereby enhancing banking system liquidity through high-quality sovereign assets and supporting the financing of large-scale projects. He added that the Real Estate Financing Law—once approved—would enable banks to provide long-term financing for the residential sector, helping address the housing challenge and stimulating activity across construction and real estate–related sectors.
Moreover, Al-Sager noted that the value of government-awarded projects in 2025 exceeded KWD 4 billion, surpassing 2024 levels by well over 60%. Meanwhile, bank credit recorded solid performance, with credit to residents growing by approximately 7.63% year-on-year as of the end of December 2025, the fastest pace since 2023.
He indicated that project awards are expected to gain further momentum in 2026, supported by the broad pipeline of initiatives under the government’s capital projects program across multiple sectors, alongside a gradual pace of interest rate cuts. This combination bodes well for the outlook and is set to create a favorable environment for credit growth for both corporates and individuals during the year.
He emphasized, however, that while the domestic outlook remains positive, it is accompanied by certain regional and global challenges, including persistent geopolitical tensions, tariffs, and their associated negative economic repercussions.
Prestigious Awards
During 2025, NBK further consolidated its leadership position by receiving a series of prestigious awards from leading global institutions and publications.
Among these accolades, MEED named NBK Best Retail Bank and Best SME Bank in Kuwait, in addition to awarding the Bank several regional honors across the Middle East and North Africa, including Best Loan Offering, Best Contactless Payment Experience, and Best Payment Solutions for SMEs. NBK’s digital subsidiary, Weyay Bank, was also recognized with the Most Innovative Product Award for its children’s card, “Jeel.”
NBK also received three prestigious awards from Global Finance, including Best Digital Payment Solutions and Best Online Product Offerings in Kuwait, while Weyay Bank was named Best Digital Bank in Kuwait. Furthermore, the Bank won four awards from Euromoney, including Kuwait’s Best Bank for ESG, Kuwait’s Best Bank for Large Corporates, Kuwait’s Best Bank for Diversity and Inclusion, as well as Kuwait’s Best Digital Bank for Weyay Bank.
Key financial indicators for the financial year ended December 31, 2025
• Net operating income stood at KD 1.3 billion (USD 4.2 billion), up 3.6% year-on-year
• Total assets grew by 13.1% year-on-year, at KD 45.6 billion (USD 149.4 billion)
• Total loans and advances increased by 13.1% year-on-year to KD 26.8 billion (USD 87.8 billion)
• Customer deposits grew by 14.0% year-on-year to KD 26.1 billion (USD 85.3 billion)
• Total shareholders’ equity amounted to KD4.3 billion (USD 14.0 billion), registering an annual growth of 9.2%.
• Strong asset quality metrics, with NPL/gross loans ratio at 1.36% and an NPL coverage ratio of 240%
• Robust Capital Adequacy Ratio of 17.0%, comfortably exceeding regulatory requirements.