National Bank of Egypt Q1 net profit jumps 161.6%

The National Bank of Egypt (NBE), the country’s largest public lender, reported on Tuesday a 161.6 percent year-on-year growth in net profit for the first quarter of the year.

Net profit rose to 3.613 billion Egyptian pounds ($230.2 million) for the first quarter that ended on March 31, 2021, according to the bank’s financial statements.

The bank registered a first-half net profit of 9.573 billion pounds for the period between July 2020 and March 2021.

Profit before income tax recorded 9.057 billion pounds for the first quarter, up from 5.679 billion pounds in the same period last year.

Meanwhile, the bank’s profit before tax also rose to 26.505 billion pounds in the July 2020 – March 2021 period, from 25.260 billion pounds.

Total assets surged to 2.486 trillion pounds at the end of March from 2.018 trillion pounds at the end of June 2020.