Egypt’s NSGB records 20 percent profit growth
Egypt’s National Societe Generale Bank (NSGB) reported a 20 percent increase in net profits for the first nine months of 2003, reaching 139 million Egyptian pounds (22.6 million) compared to EP 116 million for the same period last year.
Interest revenue rose 16 percent to EP 534 million and expense/interest revenue
decreased from 63 percent to 54 percent leading to a 43 percent increase in net interest income to EP 244.4 million.
Cairo-based NSGB is 54.3 percent owned by France's Societe Generale (SG) while the rest is held by National Bank of Egypt (NBE). NSGB traditionally focuses on corporate banking but more expanded into the retail business.
Established in 1978, the bank has a network of 14 branches distributed throughout Egypt’s central industrial, commercial and urban communities. — (menareport.com)
© 2003 Mena Report (www.menareport.com)