NBK-Egypt posts EGP 1.57 billion in H1 2023 net profit

National Bank of Kuwait – Egypt (NBK-Egypt) has posted EGP 1.57 billion (KWD 16.2 million) in half-year net profit, a 106.9% year-on-year (y-o-y) increase from EGP 756.5 million a year ago.

NBK-Egypt said its net operating income in the six months to June 30, jumped by 95% to EGP 3.9 billion from EGP 2 billion in 2022. The bank’s net interest income soared by 88.2% to reach EGP 3.2 billion compared to EGP 1.7 billion in the corresponding period of the previous year.

“The notable surge in NBK-Egypt’s profits during the first half of 2023, alongside the consistent growth in profitability, highlights the strength of our financial standing and the resilience of our business model,” Shaikha Al-Bahar, Deputy Group CEO of National Bank of Kuwait and Chairman of NBK-Egypt.

“This model has demonstrated its ability to generate profits even when confronted with operational challenges”.

Meanwhile, the bank’s net operating income (excluding interests) increased by 115.5% to EGP 711 million in H1 2023 from EGP 330 million a year earlier while cost to net operating income dropped from 39.7% last to 33.8% in 1H2023.

Source: Arabiya Capital