ICEC

HSBC says 2016 pre-tax profit rises 10.7% in Egypt

HSBC plc says profit before tax in Egypt has surged 10.7 percent to record $454 million equivalent to 7.2 billion Egyptian pounds at the end of 2016.

The bank in Egypt posted profit before tax of $410 million at the end of 2015.

HSBC banking group announced earlier Tuesday that its full-year profit slumped 62 percent and fell far short of forecasts as the bank took hefty writedowns from restructuring and flagged near-term brakes on revenue growth.

Meanwhile, the retail banking and wealth management division’s full-year profits of HSBC Egypt recorded $58 million versus $50 million in 2015, the banking group said in a statement.

HSBC Egypt’s commercial banking achieved profits worth $104 million, up from $92 million in 2015.

Global Banking and Markets at the bank registered profit worth $213 million, compared to $179 million at the end of 2015. Corporate Centre at HSBC Egypt recorded profit worth $79 million, up from $89 million in 2015.

Deposits’ portfolio at HSBC Egypt shrank to $3.79 billion, compared to $6.602 billion at the end of 2015.

Loan portfolio has also dropped to $1.672 billion at the end of 2016, including $1.327 billion of global trade finance, $73 million of real estate activities, and $272 million of personal loans.

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