Yemen 'Arab Spring' unity torn asunder by hunger and warre    Egypt pays EGP 10.3bn under export support programme    Egypt should take action to promote investments to make the most of Egypt-UK deal    UC Developments plans EGP 5bn projects in New Capital, New Alamein in 2021    Arsenal's Aubameyang says absence due to mother's illness    Live score: Tottenham v Liverpool (English Premier League)    Olympics: U.S. Senator Romney says 'Hold the Games', limit spectators    Secretary of State Blinken says US committed to Israel's security    US stands with SE Asian countries against China pressure: Blinken    Cannes Film Festival 2021 postponed due to COVID-19 pandemic    White House renews virus briefings: Many more still will die    Emigration minister calls on Egyptian expats to participate in rehabilitating poorest villages under Decent Life initiative    In Photos: 5,000 stolen artefacts returned to Egypt    Oil slips as COVID-19 and demand concerns weigh ahead of supply report    Egypt contracts French RATP to manage Cairo's new electric train line    EU meeting with Astra on vaccine supplies canceled after firm pulls out: EU official    Cabinet under fire    Egypt reports 643 new coronavirus cases, 55 deaths on Tuesday    Rana Haggag's jazz concert at Room Art Space & Café is a must go    Cabinet building    Egypt announces resumption of maritime navigation with Qatar    Egyptian FM to deliver statement on foreign policy before parliament Tuesday    Egypt confirms 669 new coronavirus cases, 53 deaths on Monday    Egypt launches website for vaccination registration    Egypt joins Netherlands, Malawi in supporting UK-led scheme to fight against climate change    New daily Coronavirus cases continued to fall over the weekend    BREAKING: Egypt resumes diplomatic relations with Qatar ending 4-year boycott    Egypt eyes gradual return for tourism after revenues fall to $4 bln in 2020    Seasoned Egyptian screenwriter Wahid Hamed dies at 76    Coronavirus strikes Egypt's youth team as 17 players, coach test positive    Nassef Sawiris plans to up his stake in owner of New York Knicks, Rangers    Cairo International Book Fair suspended for five months over coronavirus concerns    Egypt unveils largest archaeological discovery in 2020 with over 100 intact sarcophagi    Trump says won't blame Egypt for being ‘upset' over GERD dispute with Ethiopia    Egypt, Ethiopia, Sudan to resume Nile dam talks today    Global Finance: Egypt's Tarek Amer among the world's top 20 central bank governors    The Facebook Preacher's Search for Fame, and Egypt's Economy    Egypt calls on UNSC to address oil spill risks off Yemen coast    Egypt economically strong in face of COVID-19, reforms ongoing: International Cooperation Minister    Arafa Holding reports $144,000 COVID-19-related losses in April    Egypt's efforts in Libya to activate free will of Libyan people: Al-Sisi    Hyksos campaigns were internal takeover, not foreign invaders: study    COVID-19 affects Egypt sporting clubs    COVID-19 will soon turn to seasonal like swine flu: Presidential Health Advisor    ‘Egypt's Support' coalition convenes to discuss its Senate election list    Robbery attempt leads to discovery of Ptolemaic monuments in Qena    Flouting international guidance, Ethiopia unilaterally starts filling its Nile dam    Zaha speaks out after online racial abuse    







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





Most banks in Egypt performed well in H1 2018
Financial statements of 10 banks reflect significant growth in profits by end of June 2018 YOY
Published in Daily News Egypt on 26 - 08 - 2018

The Faisal Islamic Bank of Egypt tops the list scoring 87.5% in net profit growth, Housing and Development Bank (HDB) ranked second posting 65.8%.
The National Bank of Kuwait (NBK) profits reach EGP 989m, up from EGP 727m in H1 2017
Most banks operating in the Egyptian market achieved strong results during the first half of this year, according to a survey conducted by Daily News Egypt on 11 banks.
According to financial statements revealed by banks during the past few days, 10 banks realized growth in profits by the end of June 2018, compared to June 2017, while the Union National Bank-Egypt (UNB) saw profits fall by 12.7%.
According to the survey, the Faisal Islamic Bank of Egypt topped the highest profit growth in H1 2018, scoring 87.5%, followed by the HDB with 65.8%, then the Suez Canal Bank, whose profits grew by 1.57%.
87.5% growth in Faisal Islamic Bank of Egypt profits
The independent financial indicators of Faisal Islamic Bank of Egypt during H1 of 2018 showed growth of 87.5% in profits.
According to the bank, it has achieved profits of EGP 1.34bn in the first six months of 2018, compared to profits of EGP 714.6m in H1 of 2017.
The bank attributed its profit to the liquidity reinvestment which was invested in debt instruments with a return of 10%, after taxes, in speculations with banks with an average return of 17.25% annually, in addition to increasing saving vessels by over EGP 4bn.
The bank's revenues for H1 of 2018 rose to EGP 4.16bn, against EGP 3.2bn in the corresponding half of 2017.
65.8% growth in HDB profits
The HDSB's financial statements revealed a net profit rise in H1 2018 by 65.8%.
According to the bank, it scored net profits of EGP 992.57m between January and June 2018, against EGP 599.3m between January and June 2017.
The Bank's interest income during the first half of 2018 increased by 79.7% amounting to EGP 3.1bn, up from 1.7% in H1 2017.
The financial statements for the HDB revealed a decline in customer deposits in H1 2018 by 23.7%, reaching EGP 31.1bn by the end of June 2018, down from EGP 40.8bn in June 2017.
On the other hand, total loans of the HDB increased by 8.2% in the same period, scoring EGP 14.5bn at the end of June 2018 against EGP 13.4bn in June 2017.
According to Pharos Holding, the bank is expected to continue its good performance at the lending level, which is witnessing further improvement.








36.1% growth in NBK-Egypt profits
During the H1 of 2018, the financial indicators of the NBK- Egypt showed net profits increasing by 36.1%.
According to the bank, net profit recorded EGP 989m at the end of H1 2018, against EGP 727m in H1 2017.
The bank attributed its net profit growth to an increase in its net revenues by EGP 100m, as the loans portfolio increased, along with growth in net income from continuing activities by about EGP 319m.
Interest income for the bank increased during H1of 2018 by 25.8%, scoring EGP 3.3bn at the end of June 2018, against EGP 2.62bn in June 2017.
According to the bank, total deposits at the end of June 2018 increased by 16.34%, reaching EGP 47.53bn, compared to EGP 40.85bn at the end of June 2017, while the loans portfolio increased by 11.7% to score EGP 39.28bn, compared to EGP 35.18bn.
29.7% growth in Al Baraka Bank Egypt profits
The financial statements of Al Baraka Bank Egypt showed net profits increasing during H1 of 2018 by 29.7%.
The bank said in a statement that it recorded a net profit of EGP 410m between January and June 2018, compared to EGP 315.99m in the same period of 2017.
Net return income of the bank rose to EGP 871m at the end of June 2018, compared to EGP 659.9m at the end of June 2017, while the bank's revenues from fees and commissions increased to EGP 132.12m, compared to EGP 115.37m.
Adnan Youssef, chief executive of Al Baraka Bank Egypt said in previous statements that the group aims to increase its market share to 15% in 2020 from 7% now.
According to Youssef, the bank aims to increase its budget in 2020 by EGP 39bn to reach EGP 100bn.
Egypt occupies the third place on the level of assets and profits within the Al Baraka Bank Group, following the Turkish and Jordanian markets.
26.7% growth in QNB profits
The consolidated financial statements of Qatar National Bank (QNB) Al Ahli Bank in H1 of 2018 showed profits up by 26.7%.
The bank said in a statement that it achieved profits that amounted to EGP 3.4bn in the first six months of 2018, against EGP 2.7bn in the same period of 2017.
The bank's net income from returns reached EGP 4.9bn in H1 2018, against EGP 4bn in H1 2017.
The bank's standalone financial results showed profits rising to EGP 3.2bn in H1 2018, against EGP 2.5bn in H1 2017.
23.4% growth in CIB profits
The consolidated financial statements of the Commercial International Bank (CIB) showed profits rising by 23.4% in H1 2018.
The bank achieved profits amounting to EGP 4.42bn in H1 2018, compared to EGP 3.58bn in H1 2017.
At the level of standalone business, CIB has achieved profits of EGP 4.41bn at the end of June 2018, against EGP 3.6bn in H1 2017, scoring a 22% increase.
15.2% growth in Crédit Agricole Egypt profits
The financial indicators of Crédit Agricole Egypt bank showed net profits rising in H1 2018 by 15.2%.
According to a statement by the bank, a net profit after tax recorded EGP .09bn between January and June 2018, against EGP 949.03m in the same period of 2017.
The bank's interest income during H1 of 2018 increased by 17.4% recording EGP 2.6bn, compared to EGP 2.22bn in H1 2017.
The bank's total deposits increased by 6.7% in H1 2018 scoring EGP 39.5bn compared to EGP 37.08bn in the same period of 2017, while loans increased from EGP 18.06bn to EGP 20.97bn.
12% growth in Abu Dhabi Islamic Bank-Egypt profits
Abu Dhabi Islamic Bank-Egypt's consolidated financial statements revealed a net profit increase of 12% in H1 2018.
According to the bank, the net profit after tax recorded EGP 378.18m between January and June 2018, against EGP 338.98m in the same period of 2017.
Net income from return jumped by 24% in H1 2018, reaching EGP 1.16bn, compared to EGP 935.67m in the same period of 2017.
According to the bank, total deposits by the end of June 2018 increased by 20% scoring EGP 35.81bn, compared to EGP 29.83bn at the end of June 2017, while net financing and facilities granted to customers increased by 32%, reaching EGP 21.8bn up from EGP 16.54bn.
The bank's net profit for H1 of 2018 increased by 74%, according to the standalone financial statements, scoring EGP 368.46m at the end of June 2018, compared to EGP 211.91m in June 2017.
6% growth in EG Bank profits
The consolidated financial statements for Egyptian Gulf (EG) bank in H1 2018 showed a 6% increase during the first half of 2018.
According to the bank, net profits from continuing operations were EGP 261.9m in the six months that ended in June 2018, compared to profits of EGP 256.2m in H1 2017.
The bank's income from interest increased to EGP 3.7bn in H1 2018 from EGP 2.9bn in H1 2017.
At the standalone financial indicators, the bank's profits increased to EGP 283.6m in H1 2018 compared to EGP 260.6m in 2017.
1.57% growth in Suez Canal Bank profits
The Suez Canal bank disclosed its net profit for H1 of this year at a growth of 1.57%.
The bank said in a statement that it recorded a net profit of EGP 210.05m between January and June 2018, against EGP 206.79m in 2017.
The net income from the return of the bank fell from EGP 526.44m in June 2017 to EGP 415.59m in June 2018.
Net income from fees and commissions rose in H1 of 2018 to EGP 110.9m, up from EGP 73.28m in H1 2017.
12.7% decline in Union National Bank – Egypt profits
In contrast, the financial indicators of the Union National Bank (UNB)-Egypt showed a decline in profits by 12.7% in H1 2018.
The bank said in a statement that it recorded net profits after tax worth EGP 136.2m between January and June 2018, against EGP 156.1m in 2017.
The bank's interest income rose during H1 of 2018 to EGP 1.6bn, up from EGP 1.19bn in the same period of 2017.
The bank's total deposits increased by 4% in H1 2018, reaching EGP 25.6bn, compared to EGP 24.5bn in 2017, while loans reached EGP 11.6bn, up from EGP 10.17bn.


Clic here to read the story from its source.