NSGB posts 20 percent rise in first half 2003 net profit
Egypt’s National Societe Generale Bank (NSGB) has issued financial statements for the first half of financial year 2003, in which net profit jumped 20 percent to 90 million Egyptian pounds ($14.6 million).
NSGB has released its second quarter 2003 results, which show a 19.5 percent increase in net earnings compared with the same period of last year. The bank reported net profits of EP90.1 million, up from EP75.4 million at the end of June 2002.
The total balance sheet figures reached roughly EP9.896 billion at the end of June 2003 versus approximately EP7.688 billion at the end of June 2002, with a growth rate of 29 percent. NSGB ranks as third largest Egyptian private bank and the largest foreign bank in Egypt.
The main reason for the net result increase was a 33 percent surge in net interest income, which resulted from the net effect of a 14 percent increase in interest income to EP343 million as well as an increase of only 2.5 percent in interest expenses, which record EP193 million.
The bank’s fees and commissions improved by 48 percent as a natural consequence of NSGB’s 16 percent net loan portfolio growth in addition to an increase in the banks L/Cs and L/Gs (outstanding) by 13 percent, but also the positive effect of the development in Individual Banking activity.
Commenting these figures, Jrme Guiraud, NSGB managing director, said: “Despite a still difficult economic environment, both internationally and domestically, NSGB has succeeded during the first six months of 2003 to substantially increase its business with corporate clientele as well as to strongly develop its market share with individuals whilst maintaining a good credit portfolio quality.”
“These performances are reflected by the very encouraging evolution of its results showing NSGB capabilities to outperform the market. All the NSGB staff is very proud and happy to have such a good start for 2003, a special year for us as we celebrate our 25th anniversary.” — (menareport.com)
© 2003 Mena Report (www.menareport.com)