The profit growth was ascribed to higher net interest income by 3% to LE 7.7 billion in the third quarter compared to LE 7.5 billion in the corresponding period of 2020.

In addition, the net income from fees and commissions rose by 24% to LE 1.4 billion in Q3-21 from LE 1.2 billion in the corresponding period of 2020, leading to a 6% increase in operating revenues to LE 9.5 billion from LE 8.9 billion.

The growing profits of the bank came despite increasing expenditures and investments in the infrastructure domain, especially technological and human ones, Chairman and CEO Tarek Fayed said.

Fayed indicated that the bank maintained a strong capital base as its capital adequacy standard rate registered 15.68% and the return on average equity reached 20%, while the return on average assets stood at 1.6% at the end of September 2021.

Total assets amounted to LE 243 billion, up by 18% from LE 205 billion at the end of 2020.

The bank’s loans for customers and banks surged by LE 12.6 billion to LE 105 billion at the end of September.

Meanwhile, the bank’s credit portfolio for large corporations and banks increased to LE 51.7 billion by the end of the third quarter of 2021.