Barclays Egypt’s profits increased 15% to reach EGP 281m during the first half (H1) of 2015, compared to the EGP 245m registered during the corresponding period last year.
Mohamed Sherif, Finance Director and Board Member at Barclays Bank Egypt, highlighted the bank’s commitment to its strategy, which contributed to the increase in profits.
“Barclays’ strategy targets increasing loans in all sectors (corporate and SMEs included), providing customers with a package of various bank products and services, innovation in electronic services and executing the geographic expansion plan,” Sherif said.
“All these pillars led to EGP 113m growth in net fees and commission revenues compared to the first half of 2014. This upsurge is estimated at 18%.”
During the same period, the bank’s assets increased by approximately 3% to reach EGP 486m compared to last year’s total of EGP 18.5bn. Administrative expenses also surged by 14% year-on-year (YoY), amounting to EGP 300m.
Sherif described the expenses increase as “minimal”, saying that it was due to inflation and rental fees.
Corporate and individual loans and advances also jumped from EGP 5.3bn in December 2014 to EGP 6.5bn in June 2015, while customer deposits increased from EGP 13.6bn in December 2014 to EGP 14.1bn in June.
