Middle East Economic Survey

VOL. XLVII

No 28

12-July-2004

EGYPT

REGIONAL BANKING

NBE Posts Reduced Profit Of $52Mn In 2003

Egypts largest bank, the National Bank of Egypt (NBE), posted a profit of E325mn ($52.4mn) in 2003, according to published accounts for 1 July 2002-30 June 2003, down from E350mn ($56.5mn) in 2002. The banks net profit remains below the level for 1999 E392mn ($63.2mn) and well below the recent peak of E465mn ($75mn) in 2001. Net operating revenues rose 39% against 2002 from E...