(MENAFN- Arab Times) KUWAIT CITY March 21: National Bank of Kuwait-Egypt the subsidiary of National Bank of Kuwait Group (NBK) in Egypt reported a net profit of EGP 375.5 million for the year 2014 compared to EGP 344.1 million in 2013 an increase of 9.1% year-on-year (y-o-y). As of end of December 2014 NBK-Egypt's total assets increased by 35.8% y-o-y to EGP 27.7 billion. Customers' deposits grew by 27.5% y-o-y to EGP 22.3 billion. Net loans and advances reached EGP 10.1 billion at year-end 2014 up 50.7% compared to year-end 2013.
Isam Al Sager NBK Group CEO and NBK-Egypt Chairman said: 'These strong results confirm NBK- Egypt's progress in strengthening its position in the Egyptian market. The Egyptian market remains a main pillar in NBK's international operations for its positive outlook and the growth potential it offers.' Yasser Hassan NBK-Egypt's Managing Director said: 'The bank continues to post strong profits despite the challenging operating environment in Egypt which reflects the bank's strength and solid financial position. NBK-Egypt has been able to maintain its strong performance thanks to its conservative approach as a subsidiary of NBK Group. It has also benefited from the flight-to-safety which is reflected in the growth in customers' deposits and other balance sheet indicators.' NBK-Egypt was established in 1980 under the name of Al Watani Bank of Egypt (AWB) and has a large branch network situated at strategic locations within the various Egyptian governorates and cities including Cairo. NBK Group has the widest banking presence in 4 continents worldwide. NBK's international presence spans many of the world's leading financial centers including London Paris Geneva New York and Singapore as well as China (Shanghai). Meanwhile regional coverage extends to Saudi Arabia UAE Bahrain Lebanon Egypt Jordan Iraq and Turkey. NBK continues to collectively enjoy the highest credit ratings from the three international rating agencies; Moody's Fitch Ratings and Standard and Poor's. The Bank's ratings are supported by its high capitalization prudent lending policies and its disciplined approach to risk management in addition to its highly recognized and very stable management team. NBK also maintains its position among the 50 safest banks in the world for the ninth consecutive time.
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