National Bank of Egypt sees 29.1% fall in FY2017/18 net profit

National Bank of Egypt (NBE) is expected to post a 29.1 percent year-on-year decline in net profit during the financial  year of 2017/2018, the bank’s vice chairman Yehia Abul Fotouh said

Abul Fotouh said that the NBE may achieve 9.5 billion pounds net profit in the financial year 2017/2018, compared to 13.4 billion pounds a year earlier.

This potential decline would be the result of a 20 percent increase in the issuing cost of 20 percent-yield certificates of deposit (CDs), Abul Fotouh added.

In February, The NBE gained a net amount of around 475 billion pounds through high-yielding CDs launched when the Central Bank of Egypt (CBE) floated the pound on 3 November 2016.