Capital Intelligence (CI), the international credit rating agency, said on Thursday that it has affirmed Export Development Bank of Egypt's (EBE) Financial Strength Rating (FSR) at 'BB-'.
The ratings agency revised the bank’s Outlook for the FSR to 'Stable' from 'Negative', reflecting a growing customer deposit base and comfortable liquidity position, the rebound in both operating and net profitability, coupled with improved net interest margin (NIM), and a moderate capital adequacy ratio (CAR).
The bank reported EGP 307.5 million net earnings for the fiscal year ending on June 30, 2014, compared with EGP 181.5 million a year earlier, a leap of 69%.
FY13/14 standalone financial statements showed EGP 287.7 million net profit, compared with EGP 140.7 million in FY12/13.
The company’s ordinary general meeting endorsed on Monday, June 30, ratified the estimated budget for FY14/15. The budget estimate targets EGP 432.5 million net profit before tax, compared to expected EGP 404.1 million in FY13/14.
The bank posted a 131% surge in net profit to EGP 248.3 million for the nine-month period that ended on March 31, 2014, compared with EGP 107.7 million reported in the same period a year earlier. Financial results for the period July-December, 2013 had shown EGP 147.186 million net profit, compared with EGP 84.134 million in the same period a year earlier.