Emirates NBD Egypt reports 44% increase in profit during 2019

Egypt reported a 44.23 percent year-on-year hike in its net profits in 2019, the bank’s consolidated financial statements showed.

The lender’s net profits surged to 1.765 billion Egyptian pounds last year, compared to 1.22 billion pounds in 2018, including minority shareholders’ rights, according to a statement on Sunday.

Meanwhile, the bank’s net interest income went up by 15.59% to 2.88 billion pounds in 2019 from  2.49 billion pounds in the prior year, while the net income from fees and commissions fell to 615.7 million pounds from 626 million pounds in 2018.

Additionally, the total assets of Emirates NBD – Egypt grew to 57.82 billion pounds last year from 57.251 billion pounds in the previous year.

Furthermore, the bank’s net loans and credit facilities went up to 30.364 billion  pounds last year from 28.784 billion pounds a year earlier, while the customer deposits increased to 44.712 billion pounds from 41.837 billion pounds in 2018.