NBE Records 25% Growth in Net Profits

By: Taarek Refaat

CAIRO, Dec. 6 (SEE)- Yahya Aboul Fattouh, Vice President of National Bank of Egypt (NBE) said on Thursday that the bank achieved a 25 percent growth in net profits reaching EGP 13 billion in the first half of the fiscal year 2018-2019 compared to EGP 10.5 billion in the corresponding period last year.

He added that the growth in profits evolved as the bank suspended high-yield certificates, which ranged between 16-20 percent, noting that these certificates have cost banks high returns during the previous years.

The NBE decided to suspend the 20 percent yield certificates last February and issued new ones with variable 3 months pidends.

Retail chief executive officer Alaa Farouk said that the bank's customer savings amounted to EGP 66 trillion last November.

Chairman of NBE Hisham Okasha said in a statement that the bank continues to strengthen its capital base by holding last year's profits, which were expected to fall by 15 percent due to the payment of bond yields.

In the fiscal year 2016-2017, the NBE achieved a total pre-tax profit of EGP 22.5 billion compared to EGP 19.5 billion in the preceding year.