ABC Bank Egypt: Net Profit Jumps 119.5% in 2013

Egypt’s Arab Banking Corporation (ABC Bank) reported a 119.5% leap in its net profit to EGP 96.6 million during 2013.

In 2012, the bank attained a net profit amounts to EGP 44 million.

In the same vein, Akram Tinawi – CEO and Managing Director of ABC Bank Egypt – said customers’ deposits surged by 14.9% to EGP 704.7 million.

During the ordinary general meeting held on Tuesday, shareholders ratified ABC Bank Egypt’s business results for FY 2013 which ended on December 31, 2013.

Within this year, ABC Bank – Egypt targets focusing its financing on multiple vital industries, notably chemicals, fertilizers, and pharmaceuticals, Tinawi noted. In addition, the bank also aims for expanding in corporate loans and more banking products.