Egyptian Arab Land Bank May not Divest Overseas Branches amid Q1 Profits

In its upcoming board meeting, the Egyptian Arab Land Bank will reconsider a decision to divest its overseas branches in Palestine and Jordan, said vice chairman Adnan El-Sharkawi. This comes after the bank had reached all-time record scores during the first quarter of 2014, achieving profits worth EGP 20 million for the first time in EALB branches’ history.

In Jordan, EALB attained profits amounting to EGP 17 million, whereas the bank’s Palestinian offices posted profits worth EGP 3 million in Q1.

Moreover, EALB vice chairman stated that his bank targets profits from its overseas branches at value of EGP 150 million by the end of the current year.

EALB exists in three regional countries, in Egypt, the head office, and thirteen branches in Jordan besides one Resident office and in Palestine 6 offices.