SCZONE showcases investment opportunities to eight Japanese companies    Egypt urges Israel to accept Gaza deal amid intensifying fighting    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Egypt welcomes international efforts for peace in Ukraine    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Indian tourist arrivals to Egypt jump 18.8% in H1-2025: ministry data    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



NBE achieves EGP 12.5bn NIAT for FY 2015/2016: chairperson
NBE's balance sheet increased by EGP 183.6bn, while the loan portfolio hits EGP 231.3bn, says Okasha
Published in Daily News Egypt on 27 - 02 - 2017

The National Bank of Egypt (NBE) achieved a net income after taxes (NIAT) of EGP 12.5bn at the end of fiscal year (FY) 2015/2016, with a growth of 145% compared to the previous year, marking the highest profit achieved by the bank in its history, according to chairperson of the NBE Hisham Okasha.
He announced, in a statement after the end of the bank's general assembly held on Sunday, that the bank achieved 88% growth in pre-tax profits, amounting to EGP 19.5bn for FY 2015/2016.
Okasha said that the NBE's balance sheet increased by EGP 183.7bn, marking a growth of 35% compared to the previous year, reaching EGP 703.3bn in June 2016, compared to EGP 519.6bn in June 2015. The total equity of the bank amounted to EGP 38.6bn, achieving a yield of 32.3%.
Moreover, the bank's total loan portfolio increased to EGP 231.3bn in June 2016, growing by 49% compared to a 31.3% growth rate of loans in the Egyptian market.
According to Okasha, the loan portfolio of large companies at the bank increased by EGP 61bn, growing by 57%, to reach EGP 168.6bn in June 2016, while the bank achieved a 48% growth in the loans portfolio of small- and medium-sized enterprises (SMEs), recording EGP 24.5bn.
Okasha said that the bank injected new funds into the sector worth EGP 7.7bn in FY 2015/2016, attracting more than 17,700 new accounts. EGP 2.7bn was provided to about 4,734 customers in the framework of the Central Bank of Egypt's (CBE) initiative. He pointed out that the bank signed new contracts worth EGP 1.6bn with the Social Fund for Development (SFD)—money which has been re-lent to some projects spread over all economic sectors.
He noted that the NBE has signed settlement agreements worth EGP 3.1bn with 317 defaulting clients and supported more defaulting customers by injecting additional funding to help them overcome their financial problems. These measures led to a decline in defaulting loans portfolio by 2.3% of total loans in June 2016 compared to 4.3% a year earlier.
He added that the deposits portfolio jumped to EGP 558.6bn in FY 2015/2016, with an EGP 110.9bn increase and a growth rate of 25%. He pointed out that the certificates introduced in foreign currencies have attracted about $600m this year. The monthly platinum certificates have also attracted EGP 116bn.
Okasha said that NBE managed to carry out deals with the external financing institutions worth EGP 2bn. The loans were used in projects for women empowerment, energy-efficient operations, environmental computability, and industrial projects.
He added that the bank injected EGP 701m to finance housing of 8,606 low-income clients, and EGP 2.3m to finance medium-income clients within the CBE initiative to support mortgage financing. About EGP 5.4m were provided to 10 clients in the projects of Rehab and Madinaty, bringing the real-estate portfolio of the bank in June 2016 to EGP 808m and a total number of clients to 11,120.
According to Okasha, the retail loans portfolio in the bank increased by 21% to reach EGP 38.1bn in June 2016.
He pointed out that the number of ATMs increased by 583 to reach 2,733 in June 2016. POS machines have also increased by 3,934, reaching 17,411.
This was aimed at supporting the bank's plan to provide alternative banking solutions, in addition to its 384 branches around Egypt, including 33 new branches opening in the last FY.
About 1,100 new employees were hired in FY 2015/2016 in order to expand the bank's branches network.
As for social responsibility, Okasha explained that NBE focused on supporting four main axes: health, education, developing slums, and combating poverty. He pointed out that the bank donated EGP 494m in FY 2015/2016.


Clic here to read the story from its source.