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EGP 8.1bn increase in NBK-Egypt's loans portfolio by end of June Bank's indicators show it succeeded in strengthening its position in the Egyptian market
Customer deposits at the National Bank of Kuwait-Egypt (NBK-Egypt) increased by 39.7% by the end of the first half (H1) of 2015, which ended in June. The deposits registered EGP 28.5bn, compared to approximately EGP 20.4bn in H1 of 2014, marking a rise of EGP 8.1bn, according to two prominent leaders at the bank. The bank's assets increased at the end of last June by 43.2%, amounting to EGP 33.8bn, compared to EGP 23.6bn at the end of June 2014. According to the two leaders, the bank achieved net profits of EGP 284m by the end of H1 of 2015, compared to EGP 177.7m in H1 of 2014, marking a growth rate of 59.8%. NBK-Egypt is a member of the National Bank of Kuwait Group, and was established in Egypt in 1980 under the name of the National Egyptian Bank. The bank has a network of 39 branches spread across Egypt, including in Cairo, Giza, Alexandria, the Delta, Sinai, the Red Sea, and Upper Egypt. This is in addition to branches in a number of industrial areas including 6th of October City and 10th of Ramadan City. According to Isam J. Al-Sager, NBK Group's CEO and Chairman of the Board of Directors at NBK-Egypt, the significant growth the bank has achieved in Egypt means it has strengthened its position in the Egyptian market. It also offers the best banking services to its customers, which reflects the bank's position, regionally, and its reputation, globally. Al-Sager added that the results the bank achieved in Egypt also assure the success of the bank's foreign strategy, of which the Egyptian banking market stands as one of its pillars, due to the promising growth opportunities, and positive outlook. Yasser I. Hassan, Managing Director of NBK-Egypt, said the bank achieved high growth rates in all financial indicators. This came despite the challenges everyone is currently facing, thanks to the policy the bank follows as a member of the NBK Group. Hassan explained that the bank's work strategy is based on keeping a diverse loans portfolio, and offering the best funding forms that meet the real needs of the customers. The strategy is also based on studying the Egyptian market deeply and precisely.
