Economic reforms boosted trust in Egyptian market: Kuwaiti banker

KUWAIT CITY - 11 February 2020: Economic reforms adopted by Egypt have contributed to promoting the trust of investors in its market, said Deputy CEO of National Bank of Kuwait (NBK) Group and Chairman of NBK-Egypt Shaikha Al Bahar on Tuesday.

The NBK-Egypt’s outstanding financial performance over the years is a strong testament to NBK Group’s insightful vision and great trust in the Egyptian market’s rapid growth and huge potentials, she added in a statement issued by the bank.

Al-Bahar asserted that Egypt is considered a greatly promising market where NBK strives to expand its activities.

She confirmed that NBK is currently striving to expand its market share in Egypt as it seeks to strengthen its growth and product integration as part of its diversification strategy as it continues to increase the diversity of its income across geographies and segments, adding that NBK-Egypt provides almost one third of the profits attributed to NBK Group’s international branches.

Earlier in the day, the NBK group reported that NBK-Egypt achieved 2.16 billion in net profits by the end of 2019 up 8.31 percent compared to EGP 2.002 billion in 2018.

According to the report, NBK-Egypt's customer loans and facilities to customers stood at EGP 31.55 billion up by 5.40 percent from last year, with deposits amounting to EGP 51.57 billion.

The NBK-Egypt has a wide network of 52 branches spread over premium locations in various Egyptian governorates and cities and regions, including Cairo, Giza, Alexandria, Delta, Sinai, Red Sea and Upper Egypt, in addition to the industrial zones in the 6th of October and the 10th of Ramadan cities.