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FinancialNews
04-04-18
UAE's NBD scores USD67mln net profit in Egypt
(MENAFN) Emirates NBD bank achieved a net profit of EGP1.18 billion (USD67.23mln) in 2017 compared to EGP925.5 million in 2016, marking a 28% growth.
According to the bank, its total budget grew by 21% to reach EGP53 billion, as total revenues increased by 30% to EGP3.1 billion and expenditures increased by 14% to EGP152 million.
Return on average equity recorded 31.88% and the capital adequacy ratio was 13.26%. The bank's cost-to-income ratio decreased to 38.46% compared to 43.66% in 2016.
This is the first time that the bank's profit exceeded the EGP 1bn mark, said Giel-Jan M Van der Tol, CEO of the bank, adding that it resulted from strong operating performance and the growth of the bank's general budget and its stable strategy that focuses on customer satisfaction, risk management, and digital innovation.
He added, "we believe that we are in a good position and have enough capital to continue our success. We will also inject new investments into the digital technology sector of the bank, to develop the NBD's banking systems and services. We will also expand our branch network nationwide."
MENAFN0404201800450000ID1096692175
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