Barclays Bank Egypt posted a 38 percent rise in profits, registering LE 175 million compared to LE 126 million during the same period last year, the bank said in a statement.
The bank said expenses fell 10 percent relative to last year, while the shrinkage in credit losses also decreased from LE 74 million in 2009 to LE 24 million this year.
“We have a good yearly profitability rate, which is continuing in parallel to our plans for strategic and balanced growth. Despite the fact that we have made remarkable investments over the last three years in infrastructure, society, branches and human resources — all of which constituted additional spending — we continue to make good profits supported by Barclays’ current vision,” said Khaled El-Gibaly, managing director of Barclays Bank Egypt.
In 2006, the bank had 10 branches in two cities and now there are 65 branches across 23 governorates.
