CAIRO: National Societe Generale Bank (NSGB), Egypt’s second biggest bank by market capital, said on Wednesday that first quarter net profit edged up 1 percent year on year, beating analyst expectations.
Net profit for the quarter was LE 353.3 million ($63 million) compared with a restated LE 348.6 million in the first quarter of 2009.
A Reuters survey of five analyst had projected an average profit of LE 300.3 million, with a range of LE 272.9 million to 337 million.
The bank, 77.2 percent owned by France’s Societe Generale, said it had restated 2009 results to conform with International Financial Reporting Standards.
NSGB said expenses rose 7 percent year on year to LE 210 million.
Loans and credit facilities to customers as of March 31 grew to LE 28.75 billion from LE 26.57 billion at end-2009 and compared to an average projection of LE 28.15 billion by three analysts.
Customer deposits rose to LE 43.89 billion from LE 43.72 billion and compared to the analysts’ projection of LE 44.76 billion.