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NBE generates net post-tax profit worth EGP 10.1 bn. in FY 2017-2018

NBE generates net post-tax profit worth EGP 10.1 bn. in FY 2017-2018

 

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    The National Bank of Egypt (NBE) held its general meeting on Sunday, 31st of March 2019 at the headquarters of the Central Bank of Egypt (CBE) to approve NBE's financial statements for the fiscal year (FY) ending on June 30, 2018.

 

NBE revealed its operating results for FY 2017/18, achieving net profits after taxes worth EGP 10.1 bn. on June 30, 2018.

 

As small and medium-sized enterprises (SMEs) play pivotal role in achieving national economic and social objectives, Egypt pays great attention to developing SMEs which act as a catalyst to achieving an integrated and balanced economic development, creating job opportunities and curbing unemployment. Accordingly, NBE came out with great results concerning SMEs finance, as the total SME loan portfolio increased by 34% to EGP 44 bn. in June 2018 from EGP 33 bn. YoY. In response to CBE's initiative for SME finance, NBE's SME portfolio figures included injecting facilities worth EGP 25 bn. geared towards nearly 25,000 enterprises, compared to EGP 10 bn. extended to 11,000 clients YoY, with the ultimate aim of widely covering the Egyptian market by offering finance to craftsmen and SME entrepreneurs, via the assistance of professional teams.

 

For large corporate banking, NBE continues to support its customers and national economy by providing the financing needs required for economic growth. Large corporate loan portfolio grew by EGP 40 bn. reaching EGP 368 bn. in June 2018, accounting for a 12% growth. It is noteworthy that Bloomberg Global ranked NBE as the best bank in the Middle East and North Africa (MENA) region in terms of syndicated loans, in which the bank managed syndicated loans and acted as a finance agent.

 

In coronation of its efforts, NBE received the PCI DSS certification of compliance with the MasterCard Worldwide and Visa Inc. set of standards for Payment Card Industry Data Security Standard (PCI DSS) for the fifth consecutive year. NBE was further awarded as the "Best Retail Bank in Egypt for 2018", in terms of trade finance and financial transactions, by The Asian Banker. Named as the country's Bank of the Year, NBE occupied the top spot for customer satisfaction indicator according to the Business News index, thanks to its large business profile; spending on technological infrastructure to introduce new services and products; and expanding internet banking and traditional banking services as well as its geographic presence.

 

For the first time in the Egyptian banks’ history, NBE's customer deposits surpassed EGP 1 trillion in June 2018, soaring by EGP 153 bn. (i.e. 18%) YoY, which reflects customer's confidence in the National Bank of Egypt.

 

Number of ATMs increased to 3,996 in June 2018 by 488 YoY, as part of the strategic plan to provide multi-function alternatives for different banking transactions. Furthermore, NBE inaugurated 33 new branches to reach total number of 446 branches, offices and units nationwide to be easily accessible by all various segments of customers.

 

Regarding non-performing loans (NPLs), NBE settled NPLs worth EGP 6 bn. for 213 customers, providing support to non-performing customers and injecting further finance to help them overcome their financial crises after conducting detailed studies and upholding NBE's position. The NPL ratio to total loans fell to 1.8% in June 2018, compared to 2.1% in the previous year.

 

To best invest international finance institutions’ confidence in NBE's potentials, NBE successfully concluded several finance agreements exceeding US$ 1 bn. with several external finance institutions, to be re-lent to various domestic enterprises.

 

With a view to accommodating NBE's expansions and creating a second breed of leaders in the future, along with providing new jobs, 1,622 fresh graduates and professional bankers were recruited during FY 2017/18, in line with NBE's plan for branch network spread and expansion. NBE prepares and develops its personnel, from the moment they join the Bank, through specialized training programs.

 

NBE attaches high importance to corporate social responsibility which has direct influence on meeting part of Egyptian citizen's needs of healthcare, education and livelihood. Accordingly, NBE's policy focuses on three key pillars, namely; health, education, slum development and poverty compacting. Notably, total NBE donations during FY 2017/2018 accounted for EGP 881 million.

 

Such impressive operating results are the outcome of the continuous upgrade of services and products provided by the Bank, with the help of the IT, Operations and Banking Centralization teams at the Bank, to be more efficient in line with the branch network expansion. The highly-skilled branch employees largely contributed to delivering high-quality services to our valued customers and opening new accounts for approximately 2 million customers, as part of promoting financial inclusion in FY 2017/18.

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