Profits of Egypt's biggest lender hits LE3.5 bn in 2013/14

Ahram Online, Tuesday 12 Aug 2014

The National Bank of Egypt's deposits have also risen to LE393 billion

Egypt biggest bank (Photo: Al-Ahram)

Net profits of Egypt's largest bank in fiscal year 2013/14 rose by 16.6 percent compared to the year before, Al-Ahram's Arabic news website reported on Monday.

Al-Ahram cited Mahmoud Montasser, the deputy head of the National Bank of Egypt (NBE), as revealing that net profits were recorded at LE3.5 billion in the fiscal year that ended last June.

In 2012/13 the NBE collected some LE3 billion in net profits.

According to Montasser, the NBE's loans in 2013/14 registered some LE125 billion, rising nine percent year-on-year and representing 22 percent of the total loans in Egypt's banking sector.

Meanwhile, the bank's deposits hit LE393 billion up from LE312 billion in the fiscal year 2012/13.

NBE is among the largest banks worldwide, with assets amounting to LE366.6 billion and representing 26.3 percent of Egypt's banking sector.

Al-Ahram also reported that Banque du Caire, among the biggest state's lenders, registered net profits worth LE1 billion by the fiscal year 2013/14, depicting 20.4 percent increase from the fiscal year before. 

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