National Bank of Egypt FY17 net profit hit 12 bln pounds: source

Egypt’s biggest public lender, National Bank of Egypt has made a net profit exceeded 12 billion Egyptian pounds ($671.4 million) at the end of financial year 2016/2017, a senior source in the bank with knowledge said.

NBE has made good growth rates during 2016/2017, which witnessed several economic challenges following the Nov. 3 local currency floatation and the launch of high-yield saving certificates by the country’s public banks, the source further told Amwal Al Ghad on Thursday.

Egypt’s central bank decided in early November 2016 to freely float the pound and raise key interest rates as part of a set of reforms aimed at alleviating a dollar shortage and stabilising the national flagging economy. In the same day of the currency float move, NBE announced offering 18-month certificates of deposit at 20 percent and three-year certificates of deposit at 16 percent.

Profits have also surpassed 20 billion pounds at the end of 2016/2017, the source added.