Ahmed El-Saeed, Executive Head of Investments and Trust Funds at the National Bank of Egypt (NBE), announced that NBE and Banque Misr have realised capital gains of EGP 6bn from the sale of jointly owned land valued at EGP 8.6bn. The two banks are now preparing to offer nine additional plots through public auctions, aiming to generate an extra EGP 1bn in profits.
El-Saeed added that the banks are close to signing several cooperation protocols with government entities to develop land plots worth EGP 2.1bn. This move aligns with the state’s national plan to develop governorates and implement new urban and development projects.
In a related context, El-Saeed noted that the National Bank of Egypt is also preparing to sell a portfolio of assets it holds independently, including land, tourism facilities, and residential and commercial units, with a total book value nearing EGP 156m. The bank targets capital gains of around EGP 428m from this sale.
The Executive Head of Investments and Trust Funds further revealed that NBE is close to finalising new partnerships with major local institutions in three key sectors: pharmaceutical manufacturing, real estate development, and renewable energy, with negotiations now in advanced stages.
He also pointed out that the bank is conducting detailed studies to participate in establishing a digital bank in cooperation with non-banking financial institutions. This initiative aims to advance digital transformation in the banking sector and deliver cutting-edge technological services that support financial inclusion, in accordance with Central Bank of Egypt regulations.
El-Saeed added that the National Bank of Egypt’s direct investment portfolio has now grown to EGP 51bn across 130 equity holdings. In addition, indirect investments managed through Al Ahly Capital Holding amount to EGP 8bn across 31 investments.
He concluded by noting that the bank’s total assets rose to EGP 7.394trn in September 2024, up from EGP 6.233trn in December 2023. The bank also achieved a net profit of EGP 118.367bn during the first nine months of the current fiscal year, compared to EGP 50.009bn in the same period last year.
