HSBC Egypt Attains 70% Growth in Net Profit in Q1

HSBC Egypt published its first quarter results on Tuesday showing a surge in net profit by 70.5% year-on-year to register EGP 412.7 million (US$ 57.7 million).

In Q1/13, the bank posted a net profit of EGP 242 million (US$ 33.8 million).

The results also revealed that the bank’s investments in treasury bills and bonds by end of March 2014 fell by EGP 1.26 billion (or 11.8%) to EGP 9.35 billion, compared to EGP 10.61 billion at end of December 2013.

Meanwhile, HSBC Egypt’s total loans and credit facilities surged by EGP 112.4 million (or 0.6%) to reach EGP 19.03 billion at March-end, against EGP 18.92 billion at December-end.

Total assets at HSBC Egypt also hiked by EGP 187.3 million, attaining EGP 58.76 billion by March-end versus EGP 58.58 billion at December-end.

Moreover, the bank’s deposit portfolio rose by EGP 549.7 million (or 1.1%) to register EGP 49.86 billion by March-end, compared to EGP 49.32 billion at December-end.