Egypt C.Bank Records EGP23.8bn Net Profit at End-July

Egypt’s Central Bank (CBE) registered a net profit worth 23.8 billion Egyptian pounds (US$ 3.3 billion) during fiscal year of 2013/2014, marking an annual growth of 18.1%.  A year earlier, the bank posted a net profit of 20.1 billion pounds.

Meanwhile, CBE decided to raise its paid-up capital to EGP 10 billion through the appropriation of 2 billion pounds from annual profits. During fiscal year of 2012/2013, the central bank decided an increase worth 4 billion pounds in its capital to eventually reach 8 billion pounds, from 4 billion pounds a year earlier.

The central bank’s profits before tax had reached around 29.01 billion by end of June 2014.