By: Islam Fadl

Cairo – Mubasher: The United Bank, owned by the Central Bank of Egypt (CBE), reported a 25% year-on-year profit increase for the first half of 2019, the bank’s unaudited financial results showed. 

The lender logged a net profit of EGP 650 million in the six-month period ended 30 June, compared to EGP 487.5 million in the year-ago period, the bank’s chairman Ashraf El-Kady said.

The United Bank aims to increase its profits by 20% year-on-year to EGP 1.4 billion for the full-year 2019.

In July, the CBE’s governor Tarek Amer revealed that EFG Hermes Holding Co, CI Capital Holding, Pharos Holding, and HC Securities and Investment are competing to manage the sale of a stake in the United Bank.