By: Islam Fadil

Cairo – Mubasher: National Bank of Egypt (NBE) is expected to post a 29.1% year-on-year decline in net profit during the fiscal year of 2017/2018, the bank’s vice chairman Yehia Abul Fotouh told Mubasher.

Abul Fotouh said that the NBE may achieve EGP 9.5 billion net profit in FY 17/18, compared to EGP 13.4 billion a year earlier.

This potential decline would be the result of a 20% increase in the issuing cost of 20%-yield certificates of deposit (CDs), Abul Fotouh added. 

In February, The NBE gained a net amount of around EGP 475 billion through high-yielding CDs launched when the Central Bank of Egypt (CBE) floated the pound on 3 November 2016.

Translated by: Muhammad Khalid