ICEC

Emirates NBD Egypt posts 1.18bn pounds net profit at end-2017

Emirates NBD Egypt’s business results show that the bank achieved a net profit of EGP 1.18bn in 2017 compared to EGP 925.5m in 2016, a growth of 28%.

According to the bank, its total budget increased by 21% to reach EGP 53bn, as total revenues increased by 30% to EGP 3.1bn and expenditures increased by 14% to EGP 152m.

Return on average equity recorded 31.88% and the capital adequacy ratio was 13.26%. The bank’s cost-to-income ratio decreased to 38.46% compared to 43.66% in 2016.

Emirates NBD Egypt’s loans to customers portfolio increased by 18% to EGP 22bn, while the customers’ deposits increased by 11% to EGP 38bn. The loan-to-deposit ratio rose to 56.93% in 2017 compared to 53.21% in 2016.

This is the first time that the bank’s profit exceeded the EGP 1bn mark, said Giel-Jan M Van der Tol, CEO of the bank, adding that it resulted from strong operating performance and the growth of the bank’s general budget and its stable strategy that focuses on customer satisfaction, risk management, and digital innovation.

He added, “we believe that we are in a good position and have enough capital to continue our success. We will also inject new investments into the digital technology sector of the bank, to develop the NBD’s banking systems and services. We will also expand our branch network nationwide.”

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