Barclays Egypt: Total Loans Fall to EGP5.9 bln at September-end

Barclays Bank Egypt has announced on Thursday its financial results for the first nine months of 2013, reporting  a decline of EGP 164.5 million in total loans and credit facilities to hit EGP 5.970 billion by the end of September 2013, versus EGP 6.134 billion by the end of December 2012.

Barclays Egypt’s 9-month financial statements further showed that the bank’s deposit portfolio dropped by around EGP 72 million to EGP 14.453 billion at the end of last September, compared to EGP 14.525 billion at the end of last December 2012.

Moreover, Barclays Egypt’s cash and balances with the Central Bank of Egypt (CBE) recorded EGP 1.164 billion by September-end of 2013, against EGP 1.375 billion by 2012-end. In addition, the lender’s total balances with banks hit EGP 2.581 billion at September-end, opposed to EGP 5.586 billion at 2012-end.

The bank attained an increase of EGP 107.1 million in net profit to EGP 324.6 million by September-end, versus EGP 217.4 million for the same period a year earlier.

Barclays Plc (BARC.L)’s retail bank in Egypt has nearly 60 branches.