National Bank of Egypt posts highest-ever full-year profits

The National Bank of Egypt, the country’s largest state-run bank, posted its highest ever full-year profit, banking sources with knowledge of the matter told Amwal Al Ghad on Tuesday.

The bank registered profits worth more than 35 billion Egyptian pounds ($2.1 billion) for the financial year 2018/2019, the highest ever in the history of the Egyptian banking sector, the sources said.

Net profit after taxes doubled to nearly 21.7 billion pounds for the financial year 2018/2019, compared with 10.1 billion pounds the previous year, they added.

Total assets also rose to 1.292 trillion pounds, while shareholders’ equity rose to 111.5 billion pounds.

Deposits grew to 1.168 trillion pounds, the sources said, adding that the bank’s loans also surged to 514.5 billion pounds.