National Bank of Egypt net profit jumps 157% in H1-FY2015/16

The National Bank of Egypt (NBE), the country’s largest public lender, posted a 157 percent rise in net profit in the first half of financial year 2015/16.

The bank posted a net profit of 5.8 billion Egyptian pounds (US$653.5 million) by the end of December 2015.

Net profit after tax grew 83 percent to hit 8.9 billion pounds, triggered by a 60 percent rise in NBE’s net interest income, which reached 10.6 billion pounds by December-end 2015.

Loans totalled 177.3 billion pounds, marking a 14 percent growth, the bank announced in a statement on Wednesday. Deposits hiked by 47 billion pounds during the first half of FY2015/16, to record 494.7 billion pounds.

In addition, net fees and commissions also rose 66 percent to 2.1 billion pounds.