Egypt’s NBE: Net profits exceed 6 bln pounds in H1-FY2016/17

Egypt’s biggest lender, the state-owned National Bank of Egypt says net profits have exceeded 6 billion Egyptian pounds ($319.2 million) during the first half of the current financial year 2016/2017.

NBE’s Deputy Chairman, Yehia Aboul Fotouh further said on Sunday that his bank had collected so far $2 billion since the central bank’s Nov. 3rd move to liberalise the Egyptian pound against foreign currencies.

“There is not any single pending import payment as the bank provides dollars and needed letters of credits,” Aboul Fotouh added.

As for NBE’s high-yielding certificates of deposit launched after the pound floatation, the banking official said his bank has raised around 182 billion pounds.

On November 3rd, NBE announced that it would offer 18-month certificates of deposit at 20 percent and three-year certificates of deposit at 16 percent.