Egypt’s Prime Minister Mostafa Madbouly issued a decree restructuring the boards of directors for the National Bank of Egypt (NBE) and Banque Misr, effective from the general assembly meetings of both state-owned banks, held on 19 September.
According to the official announcement, the new board of directors for the National Bank of Egypt will be chaired by Mohamed Barakat, with Mohamed El-Etreby serving as CEO. Yehia Abou El-Fotouh and Soha El-Turki will hold the positions of vice CEOs. The board included Omayma Farhat, Alaa El-Sisi, Omar Khattab, and Atef Naguib as non-executive members.
For Banque Misr, the new board will be chaired by Essam Al-Wakeel, with Hisham Okasha continuing as CEO. Vice CEOs will be Hossam Abdel Wahab and Ahmed Issa. Other non-executive members of the board include Ashraf Bakri, Mahmoud Momtaz, Ahmed Sherif, Mirna Essam, and Khaled Abdel Wahab.
In parallel, the general assembly of the National Bank of Egypt approved the bank’s financial statements for 2023. NBE reported profits of EGP 126bn before taxes and a net profit of EGP 70.7bn after paying EGP 56bn in taxes to the state treasury.
As per the financial statements, NBE’s total assets reached EGP 5.2trn in December 2023, up from EGP 4.4trn in December 2022. Shareholders’ equity rose to EGP 297bn. Customer deposits increased by EGP 511bn, reaching EGP 3.7trn by December 2023. The loan portfolio grew to EGP 2.407trn, up from approximately EGP 1.729trn.
Similarly, Banque Misr’s general assembly approved its 2023 financial statements, reporting total pre-tax profits of EGP 80.9bn. The bank paid EGP 28bn in taxes, resulting in a net profit of EGP 52.9bn.
Banque Misr’s total assets reached EGP 2.6trn by the end of December 2023, compared to EGP 2.2trn in December 2022. The bank’s net direct loans to customers jumped to EGP 911.9bn, up from EGP 686.3bn, while customer deposits rose to EGP 1.9trn from EGP 1.7trn.
