Egypt’s NSGB First-Quarter Net Profit Rises 32 Pct

Egypt’s National Societe Generale Bank, which is being bought by Qatar National Bank , posted a 32 percent rise in net profit in the first quarter, it said in a statement on Tuesday.

The country’s second-biggest private bank by market capitalisation made a net profit of 463 million Egyptian pounds ($67.60 million) in the first quarter compared with 350 million pounds in the same period a year earlier.

“This was achieved through its strong risk management, diversified products and widely spread network,” the bank said in the statement.

Operating income rose by 35 percent in the first quarter to 747 million pounds compared with 552 million pounds in the same period a year earlier.

Fees and commissions increased by 21 percent to 226 million pounds compared with 186 million pounds a year earlier.

Egypt’s regulator approved a QNB offer to take over NSGB in which it offered 38.65 Egyptian pounds per NSGB share.

QNB is 50 percent owned by the Qatar Investment Authority, a sovereign wealth fund that has led the bulk of the gas-rich Gulf state’s international acquisitions in recent years, including stakes in Barclays, carmaker Volkswagen and luxury store Harrods.

Reuters