Emirates NBD bank has achieved EGP 464m in net profit in 2014, marking a 22% increase compared to the previous year, the bank announced in a statement. It further mentioned that net banking income has also rose by EGP 1.35bn to record a 20% year-on-year increase.
Emirates NBD bank also witnessed a 19% growth in customer deposits to reach EGP 20.2bn and a growth of customer net loans by 9% to reach EGP 7.16bn. Total assets also increased by 20%, registering over EGP 24.3bn.
“The healthy financial results that the bank has achieved are proof that the bank’s policies for operating in the Egyptian market are successful. One of the most important aspects of the bank’s policies has been its determination to continue the growth and expansion plan that was put in place after the acquisition of the BNP Paribas subsidiary in Egypt in 2013,” said Giel-Jan Van Der Tol, CEO of Emirates NBD Egypt.
Van Der Tol added that 2015 will be an important year for Emirates NBD, with the bank focusing on the infrastructure sector.
“Emirates NBD is in Egypt to stay, and we remain firmly committed to growing in the market to achieve our goal of becoming one of the leading privately-owned banks in the country,” he further said.