Export Development Bank’s Assets Rose EGP 14.69 Bln At End-2012

The Export Development Bank of Egypt’s assets surged EGP 1 billion to reach EGP 14.69 billion at the end of last December, compared to EGP 14.084 billion at the end of last June, registering an increase of 4.3% (EGP 606.149 million).

According to the bank’s financial statement, the bank’s investments in T-bills rose 1.126 billion (92.2%) to reach EGP 2.348 billion at the end of 2012, compared to EGP 1.221 billion at the end of June 2012. Banks’ demand for investing in government debt instruments has increased because of the high return which exceeded 14% at times.

The bank’s balances held by the Central Bank of Egypt fell EGP 425.245 million (47.12%) to reach EGP 477.199 million at the end of 2012, compared to EGP 902.445 million at the end of last June. The bank’s balances held by other banks dropped EGP 93.828 million (20.45%) to reach EGP 365.021 million at the end of 2012, compared to EGP 458.85 million at the end of last June.

The bank’s investments in subsidiaries and sister companies registered EGP 929.205 million at the end of 2012, compared to EGP 926.333 million at the end of June 2012, registering an increase of 0.31% (EGP 2.873 million) .

The Export Development Bank of Egypt achieved profit of EGP 65.139 million in the last six months of 2012, compared to EGP 29.165 million at the end of June 2012, registering an increase of 123.35% (EGP 35.974 million).