Barclays Egypt Bank Endorses EGP377mn Profits in Q3

Barclays Bank Egypt attained EGP377 million profits at the end of the third quarter of the ongoing year against EGP260million at the third quarter of the current year, Shady Kamal Chief of Staff at Barclays revealed.

The bank is aiming to increase the volume of profits to EGP500 million by the end of this year.

In statements to Amwal Al Ghad on Monday, Kamal added that the volume of loans portfolio registered EGP5.6 billion at the end of the third quarter while, the deposits’ portfolio increased to up EGP14 billion compared to EGP13.5 billion at last June, stressing that the bank’s investments in treasury bills closed at EGP8 billion.

The bank’s strategy within the upcoming period will focus on high growth rates and to offer more banking products to meet with the customers’ needs, Kamal noted.

The English bank has a great confidence in the ability of Egyptian economy to register high growth rates, noting that the bank attaches importance to multinational companies and large local firms, Kamal stressed.