National Bank of Egypt reports 76 pct increase in net profit

Daily News Egypt Authors
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CAIRO: The National Bank of Egypt said its net profits reached LE 1.013 billion for the first half of the fiscal year 2009/2010, a 76 percent increase (LE 438 million) over the previous financial year (2008/2009).

In terms of other indicators such as return on equity (ROE), the bank doubled its percentage from 10.3 percent to 22.1 percent. According to a press statement, this “makes NBE one of the fastest growing banks in terms of ROE in the region.”

Its net interest income indicator showed that the bank grew by 64 percent, which is significantly higher than the 21 percent in the first of the previous fiscal year, bringing the total to LE 2.2 billion – or an increase of LE 856 million.

Pertaining to operating income, it expanded by 66 percent, putting the total at LE 3.4 billion, and the bank’s total assets reached LE 271 billion at the end of 2009, which represents a 5 percent growth rate versus where it stood at the end of June 2009.

This was uptick was imputed to “an increase in deposits and loans,” the bank said in a statement.

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