Attijariwafa Bank Egypt scores highest profit in its history of 1.1bln pounds

Attijariwafa Bank Egypt achieved net profits of 1.1 billion Egyptian pounds in 2017 for the first time in its history, compared to  663 million pounds in 2016, recording a 68 percent increase, a statement from the bank said Saturday.

The rise in profits came on the back of a 28 percent increase in the net return on income, a hike in interest rates on investment portfolio and a 32 percent rise in clients’ loan portfolio, in addition to an increase in clients’ deposits by LE 3.2 billion.

Hala Sakr, Managing Director of Attijariwafa Bank Egypt said the bank has succeeded in implementing a development strategy across all sectors, which resulted in increasing clients’ loan portfolio by LE 2.6 billion and boosting development project in line with the state policies.

She added that the bank’s treasury increased its foreign currency resources by 100 percent, compared to last year, through signing a cooperation protocol with seven foreign exchange bureaus.

The bank’s retail sector also succeeded in attracting new customers, which helped boost the clients’ deposits portfolio by 28 percent, increasing it by LE 2.6 billion.

Mohamed Sherif, Executive Board Member, said that the bank’s budget reached around LE 27.9 billion in 2017, with 18 percent increase, including LE 11.1 billion loans, LE 21.6 billion deposits and LE 4.9 billion investments in treasury bills.

He added that the bank is investing in infrastructure to cope with the bank’s aspirations for the future.