National Societe General Bank (NSGB), Egypt’s second biggest private bank by assets, said second quarter net profit jumped 28 percent, coming in at the high end of analyst forecasts.
Net profit rose to LE 323.1 million ($56.8 million) from a restated LE 252.6 million in the second quarter of 2009. Three analysts had forecast an average of LE 314 million, with a range of LE 290-331.7 million.
The bank, 77.2 percent owned by France’s Societe Generale, said total loans had risen 6 percent from the beginning of the year to LE 29.65 billion, while total deposits had inched up 1 percent to LE 44.05 billion.
