National Bank of Egypt reports LE1bn profit in second half of 2011

The National Bank of Egypt’s revenues for the first half of fiscal year 2011/2012 stood at roughly LE1.04 billion, bank board director Tarek Amer told the independent daily Al-Shorouk.

The national bank has the largest share in the Egyptian financial market. Amer discussed the effect of last year’s revolution on the economy with the newspaper in an article published Tuesday.

“The Egyptian revolution in January 2011 has not destroyed the economy, but rather led to the decline of some economic indices given the political situation,” Amer told the paper.

In June 2011, the National Bank of Egypt, Egypt’s leading state-run bank, drew in LE2.1 billion — the biggest net profit it has ever made — recording a growth rate of 14 percent.

The bank seeks to maintain the gains made during the last fiscal year, which ended in June, Amer said.

Even if the economy had faltered during that period, the bank’s net profits would have still exceeded LE3 billion, Amer said, thanks to the bank’s improved capabilities under its reform plan that began five years ago.

Amer emphasized his confidence in the Egyptian economy after the 25 January uprising. He said remittances from Egyptians abroad have soared by 23 percent to US$13 billion, which he said reflects a genuine desire to establish a modern country.

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