NBE Plans Profit Retention for FY13/14, Capital Hike

National Bank of Egypt (NBE) considers the retention of the entire profits for the current fiscal year in which its expected that it will exceed EGP3 billion to strengthen its capital base.

The bank achieved EGP1.7 billion net profits after taxes during the first half of 2013/2014, and EGP4 billion before taxes, with 7.8% growth rate.

Speaking to Amwal Al Ghad Arbic’s Website Mr. Hussein Al Rifai, Chief Financial Officer at NBE said the bank will hold its assembly in this month so as to review boosting its capital to EGP15 billion.

The size of the bank’s capital base will not change after boosting the capital in the light of money transfer service, Al Rifai explained.