CAIRO: Barclays Bank Egypt announced its results for the nine months ending September 2007, with net operating income up by 40 percent to LE 437 million, compared to LE 312 million in the same period last year. In a press statement, the bank reported that profit after taxes reached LE 186.4 million against LE 188 million achieved in the same period last year. "Net profits are seen to be sustainable in light of the costs incurred for the network expansion of 25 branches to reach 35 branches by the end of September 2007. The growth in infrastructure led to more hiring as such full time employees increased to 1,237 in the nine month ended September 2007 in comparison with 518 in September 2006, said Finance Director Hussein Refaie. Customers loans increased by a "healthy LE 1.7 billion, reaching LE 5.6 billion compared to LE 3.9 billion in September 2006, added Refaie. Deposits also jumped to LE 10 billion, from LE 6.7 billion the previous year. "Nine months results indicate Barclays Bank s dedication to further expansion in the Egyptian market. Likewise, the bank is continuing to build on its strong entry in the retail business and to launch banking solutions suitable for small and medium enterprises, said Khalid El-Gibaly, managing director of Barclays Bank Egypt and North Africa. "Barclays Bank Egypt is committed to donate 1 percent of its profits before taxes to support community projects sustaining a range of domains in environment awareness, health and educational projects, said El-Gibaly.
