NSGB has been named “Best Bank in Egypt” by pre-eminent international finance magazine Euromoney. The award was presented during Euromoney Middle East Awards for Excellence Dinner in Dubai.
In recognising NSGB for the award of “Best Bank in Egypt” Euromoney Editor Clive Horwood highlighted how “Despite the turmoil seen in the country over the last year NSGB has managed to post favourable financials, with increases to net income and deposits, along with a reduced NPL ratio. Net income grew by 11%, deposits by 3% and the NPL ratio shrank by 0.4% - impressive numbers considering the conditions that the bank was operating under.”
Mohamed El-Dib, NSGB Chairman & Managing Director stated that "This award reflects the trust of our clients and is the result of the prudent & firm strategy adopted and followed by the Bank in steps throughout the year. It is the great effort & dedication of all employees that qualified NSGB to win this well-deserved prize.” He also clarified that “Despite the difficult circumstances that our country are facing currently, we had succeeded, with the strong support of SG Group, in strengthening our organization and deceloping our banking products and services offered to our clients. In addition, we focused on Retail Banking and small and medium enterprise that contributed in an effective way on our growth and profitability.”
Regarded as the benchmark awards for financial services globally, the Euromoney Awards for Excellence are now in their 22nd consecutive year. This year’s awards process, which began in April, attracted over 600 submissions from the world’s banks and brokerage houses. Euromoney’s dedicated research team and awards panel then rated all the submissions on both quantitative and qualitative factors such as KPIs, financial ratios and innovation over the 12 month period to decide the award winners.
Notes to Editors:
Euromoney Magazine is the flagship title of London based financial communications company Euromoney Instituional Investor PLC. Founded in 1969 by Sir Patrick Sergeant, Euromoney Magazine is the voice of the international capital markets and for over 40 years has offered unparalleled coverage of the global bond, equity and foreign exchange markets Euromoney Institutional Investor PLC is a constituent of the FTSE-250 index and is listed on the London and Luxembourg Stock Exchanges.