The National Bank of Egypt (NBE) hit a record around jumping to EGP 3.5 billion consolidated profits within the fiscal year of 2011-2012 compared to EGP 2.8 billion stand-alone profits. Mr. Hussein Al Rifai, the Chief Financial Officer (CFO) of NBE, said recording consolidated profits by the bank will be reflecting the success of NBE's investments of the bank's subsidiary firms Al-Rifai said the bank has finalized the consolidated budget of the first 6 months of the last fiscal year and in waiting the accept of the Central Auditing Organization (CAO). Al-Rifai has indicated that the property rights of the consolidated budget surged by EGP 14.5 billion in June-end 2012 in compared to EGP 13.6 billion for the stand-alone budget. He added that the total investments of the bank up EGP 10 billion, including EGP 8 billion for the subsidiaries and EGP 2 billion available investments, and till now there is no intention to exit from the investments of NBE. The bank is currently negotiating with the Internal Revenue Service (IRS), to settle the tax year 2011, where the bank has done the largest settlement with the tax within 2009 to settle the accumulated taxes during the 25-year, also finished the settlement of taxes in 2010. NBE is targeting to adopt a clear policy based on tax settlement of each year to prevent the accumulation again . He further has explained that the bank is working to make new 'system' by the beginning of the next year to facilitate the analysis of information in a better and fast ways.
