Egypt's NSGB posts 16 percent net profit rise in 2002
Egypt's third largest private bank, National Societe Generale Bank (NSBG) reported a net profit of 165.35 million Egyptian pounds ($30.09 million), representing a 16.3 percent rise of the bank’s 2001 bottom line, which stood at EP142.10.
The bank’s customer deposits totaled EP6.726 billion, up 22.3 percent over the 5.496 billion recorded the previous financial year. Net interest income reached EP230.59 million in 2002, compared to EP203.74 million in 2001.
The Cairo-based financial institution is 54.3 percent owned by France's Societe Generale (SG) while the rest is held by National Bank of Egypt (NBE). NSGB traditionally focused on corporate banking with large clients but more recently decided to go into the retail business.
Established in 1978, the bank has a network of 14 branches distributed in Egypt’s central industrial, commercial and urban communities. — (menareport.com)
© 2003 Mena Report (www.menareport.com)