National Bank of Egypt, Banque Misr achieve profits of over $5bln

The general assemblies of the National Bank of Egypt (NBE) and Banque Misr (BM) approved their financial statements of the two banks, revealing that they collectively achieved profits before taxes that amount to EGP 102.6bn, with NBE bringing in EGP 66bn and BM EGP 42.6bn from July 2020 to December 2021.

The statements also indicated that NBE achieved net profits after taxes of EGP 29.7bn, as the bank paid EGP 36.3bn in taxes to the state treasury.

According to the financial statements of the NBE, the total financial position of the bank exceeded EGP 3 trillion in December 2021, compared to EGP 2 trillion in June 2020, and property rights increased by about EGP 60bn to record EGP 182bn.

They also showed that customer deposits increased to EGP 2.4 trillion by the end of December 2021 — an increase of EGP 790bn compared to June 2020 — reaching about EGP 2.8 trillion in June 2022. Moreover, the business results demonstrated that the number of the bank’s customers exceeded 17.8 million, compared to about 14.3 million.

The bank’s total loan portfolio also increased by 63%, as it recorded EGP 1.172 trillion at the end of December 2021, compared to about EGP 720bn in June 2020, to continue growing to reach EGP 1.393 trillion in June 2022.