Egypt’s NBE bank FY2015/16 pre-tax profits surge 88%

Egypt’s biggest lender, the state-owned National Bank of Egypt (NBE) reported Sunday an 88 percent rise in annual pre-tax net profits for the financial year 2015-2016.

Pre-tax net profits recorded 19.5 billion Egyptian pounds ($1.2 billion), the bank’s businesses results showed.

Net profits were the highest in NBE’s history, registering a 145 percent rise to reach 12.5 billion pounds at the end of June 2016.

Total financial position in June 2016 climbed 35 percent to record 703.3 billion pounds, compared to 519.6 billion pounds in June 2015.

Total loans grew 49 percent to reach 231.3 billion pounds in June 2016.