Tarek Amer: difficulties in local market increase banks investment opportunities

Tarek Amer, chairman of National Bank of Egypt, said that the increasing difficulties in the Egyptian market raises the investment opportunities of the NBE and banks in general, which understand the Egyptian market’s nature and demands.

“Our bank has been able to achieve record results in the history. We multiplied profits by ten times since we’ve taken the bank four years ago. We know the market very well”, Amer said in Bloomberg TV as he was interviewed to talk about Egypt’s economy one year after the Jan 25th revolution.

Amer added that the pretax growth profits rate was 14% in the 2011 fiscal year, reaching EGP 4.2 billion. The net profits are the highest in the Bank’s history, as it reaches EGP 2.1 billion.

As for Egypt’s economic status, economic analysts said that Egypt’s one year bond increases 15.9%, highest since 2006. Besides, Egypt stocks rises by 28%, best in world in 2012. Economic analysts expected an increased growth rate, despite the turmoil Egypt is witnessing.

Amwal Alghad