Egyptian banks net profits grow 48% end-2016

Egypt’s banks made 62 billion Egyptian pounds ($3.5 billion) in net profit at the end of 2016 from 34 billion pounds a year earlier, a central bank recent report read.

Last year’s pretax profits were up 65 percent from the previous year, as they recorded 89 billion pounds at the end of 2016, the report added.

The report attributed the rise to the growth in net income from fees and commissions, expansions in offering retail and corporate banking services, and the increase in the banks’ investments in the government’s debt securities.