Arab Banking Corporation eyes EGP250 million Net Profit at 2017-end

Egypt’s Arab Banking Corporation (ABC) is targeting 250 million Egyptian pounds (US$32.7 million) as net profits by end of 2017.

The bank had posted a net profit exceeding 100 million pounds by end of 2014, to represent 4 percent year-on-year increase.

The targeted growth in net profit is part of an ambitious plan recently revealed by ABC’s board of directors for the next three years.

From his part, Akram Tinawi – ABC’s CEO – said his bank is planning to have a stronger presence in the Egyptian market through its three-year plan.

“The bank aims to double its client base to 120.000 from 60.000.” Amwal Al Ghad has quoted Tinawi as saying on Sunday.

In addition, ABC seeks to registered balance of 10 billion pounds by 2017-end, up from 7 billion pounds at 2014-end, the official noted.