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NBK-Egypt reports EGP 7.3bln (Equivalent to KWD 51.9mln) 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.
The article from Zawya reports that the National Bank of Kuwait - Egypt (NBK Egypt) achieved a net profit of EGP 7.3 billion, equivalent to KWD 519 million, for the fiscal year 2024. This represents a significant increase from the previous year's profit of EGP 2.3 billion. The bank's total assets grew by 53% to EGP 235 billion, and its loans and advances portfolio expanded by 37% to EGP 67 billion. Additionally, customer deposits rose by 52% to EGP 197 billion. The growth in profits and assets was attributed to the bank's strategic focus on expanding its customer base, enhancing digital transformation, and improving operational efficiency. The bank also highlighted its commitment to sustainable growth and its role in supporting Egypt's economic development.

Read the Full Zawya Article at:
[ https://www.zawya.com/en/press-release/companies-news/nbk-egypt-reports-egp-73bln-equivalent-to-kwd-519mln-in-net-profit-in-fy2024-bhrq776w ]