Emirates NBD: H1 net profit grows 41% in Egypt

Emirates NBD has recorded a 41 percent rise in the first half net profit in Egypt, ENBD-Egypt deputy managing director Sahar El Damati told Amwal Al Ghad on Wednesday.

The Egyptian arm of the UAE bank posted a net profit of 495 million Egyptian pounds ($55.7 million) in the first half of the year, up from 351 million pounds in the same period in 2015, El Damati said.

Emirates NBD-Egypt intends to continue its growth rates throughout the second half of the year stemmed from a strategy based on providing diversified financing activities for small and medium-sized businesses as well as corporate and personal loans, the banking official added.

Earlier in July, Emirates NBD Egypt cancelled a decision to suspend use of debit and credit cards abroad. It was a decision announced in an attempt to keep hard currency inside the bank as Egypt endures a crippling foreign exchange shortage.