ICEC

HSBC says H1 pre-tax net profit hit $235 mln in Egypt

HSBC plc says net profit before tax in Egypt reached $235 million in the first half of the 2016.

The bank in Egypt posted a net profit before tax of $203 million in the first half of 2015.

The retail banking and wealth management division’s profits of HSBC Egypt recorded $34 million during the first half of 2016 versus $26 million in the same period in 2015, the banking group said in a statement.

HSBC Egypt’s commercial banking achieved profits worth $62 million, up from $50 million last year.

Global Banking and Markets at the bank posted profit worth $139 million, compared to $128 million last year.

Loan portfolio has totalled around $2.689 billion by end of June 2016, including $1 million worth of mortgage loans, $514 million of personal loans, $83 million of real estate activities, and $2.091 billion of global trade finance.

By end of December 2015, loan portfolio hit $2.751 billion.

Customer accounts in HSBC Egypt recorded around $6.255 billion by end of June 2016, compared to $6.602 billion by end of December 2015.

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