Nasser Social Bank plans capital increase this year

Egypt’s Nasser Social Bank (NSB) says it plans to pump 200 million Egyptian pounds ($22.5 million) into its capital within the current year, to stand at 2.2 billion pounds.

NSB’s board has approved the capital increase step, which comes as part of the bank’s expansion plan, its chairman Mohamed Shoman told Amwal Al Ghad on Tuesday.

Shoman further said NSB also targets a net profit of 339.627 million pounds by the end of the year.

NSB’s budget for the current financial year is estimated at around 19.930 billion pounds, including costs and expenses worth 1.298 billion pounds, and wages of 335.841 million pounds.

Nasser Social Bank is an interest-free savings and investment bank for social and economic development, pension, and social security business.