Barclays Egypt Attains 5.4% Surge in H1 Profits

Barclays Egypt published its first half results on Monday, showing a 5.4% year-on-year surge in profits to register 244.5 million Egyptian pounds (US$ 34.2 million).

In H1/2013, the bank posted profits of 231.9 pounds (US$ 32.4 million).

The results also revealed that Barclays Egypt’s credit portfolio climbed by 4.1% to 5.8 billion pounds by end of June 2014, compared to 5.6 billion pounds by end of December 2013. Personal loans had seized around 29.5% of Barclays Egypt’s total credit portfolio, while corporate loans captured 70.5%.

On the other hand, the bank’s volume of deposits fell by 4.5% to 13.2 billion pounds at June-end, versus 13.8 billion pounds at December-end.

Moreover, Barclays Egypt’s investments in treasury bills and bonds by end of June 2014 dropped by 15.6% to 5.1 billion pounds, opposed to 6 billion pounds at end of December 2013.