Profits Rise 8% at Egypt’s Largest Bank

Egypt’s largest bank saw an eight percent rise in its net income in the fiscal year 2012/13 compared to the year before, it announced on Sunday.

National Bank of Egypt made EGP 3.4 billion (roughly $0.48 billion) in net profits last year.

In addition it made gross loans of EGP 114 billion ($16.3 billion), a 13.2 percent increase on the previous fiscal year.

Deposits at the bank reached EGP 313 billion (roughly $45 billion) in 2012/13, a 12.2 percent rise on 2011/12.

The bank’s full financial statement is yet to be released.

National Bank of Egypt serves over 6 million customers and manages some EGP 300 billion ($43.4 billion) in assets.

Source: Ahram Online