Cairo – Mubasher: The National Bank of Egypt (NBE) announced recording EGP 10.1 billion ($583 million) in net post-tax profit for the fiscal year 2017/2018, according to a statement.
NBE’s small and medium-sized enterprise (SME) financing portfolio grew 34% to EGP 44 billion by the end of June 2018, compared to EGP 33 billion a year earlier.
In addition, the Egyptian state-run lender’s major corporate loans increased by EGP 40 billion, or 12%, on an annual basis to EGP 368 billion at the end of the last fiscal year.
Meanwhile, NBE’s customer deposits soared 18% year-on-year to EGP 153 billion at the end of June 2018.
Egypt’s largest state-run bank settled non-performing loans (NPLs) worth EGP 6 billion for 213 customers, cutting the NPL ratio to 1.8% in FY 17/18, compared to 2.1% in the prior year.
