Kuwait – Mubasher: The National Bank of Kuwait (NBK) said that the increasing profits from the bank’s business in Egypt will narrow the negative effect on its financial statements after the Egyptian central bank has officially floated the Pound.
The growth rate of profits achieved from NBK’s units in Egypt is very high despite the increasing operating cost and higher expenses expected for 2017, NBK said in a bourse filing on Tuesday.
NBK’s clients are back to sell foreign currencies based on decision to float the Egyptian Pound, the statement added.
