Egypt’s National Bank For Development (NBD) reported a six percent profit rise for the financial year 2001. The bank’s net profits rose from 59.09 million Egyptian pounds ($10.8 million) in 2000 to EP62.6 million ($13.5 million) the following year. During FY01 net interest income dropped 67 percent, reaching EP15 million, while net operating income rose 7.2 percent totaling EP195.7 million.
NBD was incorporated in 1980 as a commercial investment bank with a capital of EP50 million. The bank's authorized capital currently stands at EP500 million and the paid up capital at EP220 million. The Bank operates 13 branches throughout the country.
NBD’s initiates and finances development projects in Egypt’s private sector. Its credit programs, which are designed to deliver credit to small and micro-enterprises, have an average loan size of about $2,500 to $4,000. The bank carries the credit risk, while interest rates provide a positive financial rate of return sufficient to cover lending costs. Technical assistance packages provided to borrowers increase repayment rates. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
