Barclays Bank Egypt posts LE 508M profits in H1 2017

CAIRO – 30 August 2017: Barclays Bank Egypt’s profits increased 36 percent to LE 508 million in the first half (H1) of 2017 compared to LE 373 million in the year-ago period, a Wednesday statement said.

Revenues increased by 34 percent to reach LE 946 million ($ 53.54 million).

The company attributed the revenue growth to the increase in clients’ loans by LE 2.9 billion or 35 percent in H1 of 2017, advancing from LE 8.4 billion to LE 11.4 billion.

Fees and commissions leveled up 25 percent to LE 190 million in H1 of 2017 from LE 152 million, resulting from offering diverse banking products in commercial financial services.

Administrative and operating expenses climbed 30.1 percent to reach LE 480 million by the end of the first six months of this year, up from LE 368 million in the same period of the previous year.

Capital adequacy ratio stood at 18.6 percent in H1 of 2017 compared to 16.16 percent by the end of December 2016, which reflects the bank’s strong capital base and ability to grow in different business sectors.