Cairo – Mubasher: Export Development Bank of Egypt (EBE) announced that it seeks to raise its profits by 12% year-on-year in fiscal year 2019/2020, the lender’s estimated budget scheme showed.

The Egyptian bank aims to increase its profits to EGP 1.065 billion in the next fiscal year compared to an estimated profit of 950.488 million in FY18/19, according to a statement to the Egyptian Exchange (EGX) on Monday.

In addition, the bank also plans to raise its customer deposits by EGP 10.6 billion, or 28%, to EGP 48.6 billion in FY19/20 from estimated deposits of about EGP 38 billion.  

Loans and credit facilities are also expected to be increased by EGP 8 billion, or 33%, to EGP 32.3 billion in FY19/20, from an estimated amount of EGP 24.3 billion in FY18/19.

During the first nine months of FY18/19, the Egyptian lender’s net profits stood at EGP 879.9 million, compared to EGP 560.41 million in the year-ago period.

As for standalone business, EBE’s profits rose to EGP 840.59 million in the nine-month period ended 31 March from EGP 501.94 million in the same period of FY17/18.

During the period from July to December, the bank posted net consolidated profits of EGP 585.61 million, compared to EGP 395.94 million in the same period a year earlier.