Egypt’s Export Development Bank Attains EGP287mn Net Profit in 2013

During fiscal year of 2013/2014, Export Development Bank of Egypt (EDBE) reported a surge in its consolidated net profit by EGP 146.9 million year-on-year to reach EGP 287.6 million.

The bank had recorded a net profit of EGP 140.7 million during earlier fiscal year that ended on June 30, 2013.

Yet, the EDBE’s FY13/14 business results revealed a decline by EGP 118.1 million its investments in the treasury bills and bonds to record EGP 2.585 billion, versus EGP 2.77 billion for the same period a year earlier.

Meanwhile, the bank’s standalone business results showed a surge of EGP 1.907 billion in its total loans and credit facilities offered during FY2013/14 to hit EGP 8.353 billion. A year earlier, EDBE registered EGP 6.445 billion in its total loans and credit facilities.

Moreover, the bank’s total assets hiked by EGP 3.11 billion to record EGP 19.345 billion by end of June-2014, against EGP 16.228 billion by end of June-2013.

The customers’ deposits in EDBE grew by EGP 2.246 billion to reach EGP 14.814 billion at end of June-2014, compared to EGP 12.567 billion for the same period a year earlier.