Q3 Financial Performance Report 2015
Cairo - Dec. 13, 2015
Barclays Bank Egypt recorded EGP 440 mn net profit for Q3 2015 compared to EGP 374 mn in Q3 15.
Barclays Bank Egypt announced an 18% increase in its Q3 15 profits, mounting to EGP 440 mn compared to EGP 374 mn during the same period of 2014.
Barclays Bank Egypt Finance Director Mohamed Sherif said "Many factors contributed to this profit increase. Our commitment to the bank's strategy is the main reason behind our success. Barclays Bank Egypt's strategy targets increasing loans in all sectors (Corporate and SMEs), which showed an increase in loans and advances to customers by EGP 2.1bn (34%) from EGP 5.3bn to EGP 7.1bn."
"Other contributors include providing customers with a package of various bank products and services, innovation in electronic services and the timely execution of the geographic expansion plan which led to an increase in deposits from EGP 13.6bn for the year ended 31 December 2014 to EGP 15.5bn (14% higher) for the period ended 30 September 2015.
This is in addition to an increase of 12% in total assets to reach EGP 20bn for the period ended 30 September 2015 compared to EGP 17.9bn for the year ended 31 December 2014. All these pillars led to EGP 157mn growth in net interest income, net fees and commission revenues compared to the same period last year This upsurge is around 17%,"
"Our continued investment in infrastructure led to an increase in administrative expenses by 15%, reaching EGP 452mn for Q3 2015 against EGP 392mn for Q3 2014. However, it is a modest increase given the inflation rate and the rent fees of the bank's new top-tier headquarters", added Sherif.
Barclays Bank Egypt intends to focus on growing its balance sheet by providing syndicated, medium-term and long-term loans. The bank is dedicated to developing its technological infrastructure, providing customers with top-notch products and services as well as increasing corporate and SMEs loans.
-Ends-
© Press Release 2015
