Amwal Al Ghad English - 2013-12-05 12:50:18
Barclays Bank Egypt announced its Q3-2013 financial results where Profit after stood at EGP 325 M, 49% ahead of same period last year. Despite the challenging economic and political situation, profits increased, driven by robust performance across all lines and segments.
“The largest contributor to our improved profitability is growth of 12% on net interest income which reached EGP 756 M versus EGP 677 M in 2012, in addition to an increase in the net commission income by 26% and a drop in impairment charges of LE 48M to reach EGP 31 M, 60% less than 2012, in spite of the negative effects of the credit rating downgrade. Furthermore, Barclays Bank Egypt continued its focus on improving efficiency and cost control which was reflected in achieving a cost–income ratio of 41% vs 48% FY 2012, with continuing to apply salary increase, investment in systems, infrastructure and people” said Mohamed Sherif, Barclays Bank Egypt’s Board member, and Finance Director.
With the aspiration to be one of the top financial institutions in Egypt, Barclays is achieving accelerated progress towards delivering sustainable performance and reaching aspired goals. This is evidenced by an increase in net profit after tax growth in corporate closing Q3 2013 with EGP 93M versus a loss of EGP 16M in Q3 2012, and treasury closing in Q3 2013 with EGP 213M versus EGP 173M in Q3 2012. More»