Kuwait bank NBK targets Egypt growth

National Bank of Kuwait (NBK) wants to strengthen its Egyptian business on the back of the improving security and political environment, the Gulf state's largest lender said on Tuesday as it reported a 9.9 percent increase in second-quarter net profit.

Gulf banks have been targeting overseas expansion in recent years to maintain profitability in the face of high competition in their home markets, and Egypt has been a favoured destination -- Qatar National Bank, Emirates NBD and Al Ahli Bank of Kuwait have all made acquisitions in the last two years.