Cairo – Mubasher: The National Bank of Egypt (NBE) reported that its profits jumped 157% year-over-year in the first six months of 2015/16, according to a press release.
The state bank earned EGP 5.8 billion compared with EGP 2.26 billion for the year-ago period.
The bank, which controls over 27% of the Egyptian banking market, further raised its lending by 32% year-on-year to EGP 177.3 billion from EGP 134.3 billion as a result that its SME loan portfolio as well as retail banking loan share grew by 16% to EGP 19.2 billion and 17% to EGP 36.9 billion respectively during the same span.
Moreover, the largest state-owned bank’s total deposits were 47% higher to EGP47 billion in FY15/16 first half.
In 2014/15, its earnings reached EGP 5.1 billion, up 36% from EGP 3.7 billion in the fiscal year 2013/14.
