National Bank of Egypt to Adopt Its Business Results, Not Distributing All Profits

The National Bank of Egypt (NBE) is planning to hold its general assembly by the next month in order to adopt its business results for the fiscal year of 2013/2014.

Mr. Hussein Al Rifai, Chief Financial Officer at NBE has informed Amwal Al Ghad that the General Assembly will discuss the bank’s decision regarding not to distribute the entire profits of the bank within the current year to support the financial center of the bank.

Al Rifai asserted that NBE’s decision concerning not distributing the profits will contribute in boosting the equity rights which recorded EGP18 billion in June-end 2013 with unaudited budget reviewed by the Central Auditing Agency (CAA) during the current period, compared to EGP 13.7 billion by the end of June 2012.

Al Rifai explained that this affair supports the bank’s expansion for financing the various economic sectors, noting that the total assets registered EGP366 billion and the bank is committed to the instructions of the Central Bank of Egypt (CBE) and Basel 2, which recognizes the rate of capital adequacy ratio of 10%.

He further added that the unaudited financial statements revealed that the net profit of the bank inched by 7% to reach EGP3 billion during the fiscal year of 2013, against EGP2.8 billion in the same period.