Egyptian American Bankposted one of the strongest performances in the first three quarters of the year, with a 30 per cent year-on-year increase in profits to £E 61.6 million ($10 million) for the nine months ending 30 September. The profit rise was mainly attributable to an increase in net interest income to £E 161.5 million ($26 million) from £E 129.1 million ($21 million) a year earlier. However, fees and commissions fell by 8.7 per cent to £E 86.1 million ($14 million), despite the bank's stated plans to expand its retail banking business.
National Societe Generale Bankcontinued to show steady bottom-line growth, with a 20 per cent year-on-year increase in net profits to £E 138.9 million ($23 million) for the first nine months of the year. The profit rise came on the back of a 43 per cent increase in net interest income to £E 244.4 million ($40 million), which in turn was mainly due to strong asset growth and in particular to a 35 per cent increase in customer deposits. However, this partly reflects the relative appreciation of foreign currency deposits since flotation of the Egyptian pound in January.
HSBC Bank Egyptalso put in a strong performance, with a 100 per cent year-on-year increase in net profits to £E 67.1 million ($10.9 million) for the nine months ending 30 September. This was partly due to a 15 per cent increase in foreign exchange gains to £E 33.5 million ($5.4 million). Net operating income rose 35 per cent to £E 239.6 million ($39 million) and interest revenue rose 34 per cent to £E 332.7 million ($54 million).
Misr International Bank reported a 57 per cent drop in net profits to £E 66.7 million for the first three quarters of the year, after shifting some investments on its balance sheet in order to mitigate foreign currency revaluation losses. The bank's fundamentals continue to look promising, however, with a significant drop in NPLs and a 20.6 per cent rise in net interest income to £E 193 million ($31.4 million) for the first nine months of the year.
Commercial International Bank (CIB), Egypt's largest private bank, in October reported a 5.5 per cent year-on-year increase in net profits to £E 228.9 million ($37.2 million - MEED 31:10:03).
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