NBE posts e-commerce of EGP4.3 bln during FY 2017/2018

Big 5

National Bank of Egypt, the country’s largest bank by assets, announced that the volume of e-commerce carried out through its branches estimated by 4.3 billion Egyptian pounds during fiscal year 2017/2018.

The volume of e-commerce increased by 23 percent compared to a year earlier which strongly supports digital transformation and financial inclusion.

On the other hand, the client base of the e-banking service has increased to 616,000 clients by the end of FY 2017/2018. The phone cash clients recorded  1.4 million clients at the same period.

NBE’s general assembly has convened to approve the financial statements of the fiscal year that ended on 30 June 2018.

it showed that the bank achieved profits before taxes of 21 billion pounds Egyptian pounds in June 2018, while its posted net profits of 10.1 billion pounds for the same period.

The major companies finance portfolio during the fiscal year 17/2018  increased by 40 billion pounds reaching 368 billion pounds in June 2018 with a growth rate of 12%.

While, the deposits made an unprecedented growth of 1 trillion pounds during June 2018 increasing by 18 percent.