Barclays Bank Egypt Records 2013 Profit Increase
News: Barclays Bank Egypt (BBE) registered a 15% year-on-year (y-o-y) rise in profits after tax to EGP425mn (US$60.15mn) in 2013. Profits grew on strong performances across all lines and segments despite instability in the economic and political situation. The major contributor to the bank's improved profitability was 8% y-o-y growth in net interest income to EGP999mn (US$141.38mn), compared with EGP926mn (US$131.05mn) in 2012, according to BBE Chief Financial Officer Mohamed Sherif. The bank also recorded a 20% y-o-y rise in net commission income to EGP213mn (US$30.14mn) in 2013 and an EGP98mn (US$13.87mn) fall in impairment charges to EGP15mn (US$2.12mn).