NBE: assets surge to 1.1 trillion pounds by the end of FY 2016-2017

Egypt’s biggest lender, the state-owned National Bank of Egypt says assets have surged to around 1.364 trillion Egyptian pounds by  the end of 2016-2017, compared to 703 billion pounds a year earlier, an source with knowledge announced Wednesday.

The sources told Amwal Al Ghad that the bank has achieved net profits of 13.434 billion pounds in FY 2016-2017 comparing to 12.469 billion pounds a year earlier.

On the other hand, the NBE has succeeded in achieving total profits before taxes of 22.525 billion by the end of the financial year 2016- 2017 versus 19.545 billion pounds.

NBE’s portfolio of  loans also rose to 376.7 billion pounds from 220.6 billion pounds, the source added.