He added that the bank achieved a net profit after taxes of EGP 258m in Q1 2017 compared to EGP 163m in Q1 2016, an increase of 59%. The bank will maintain its name “Barclays Egypt” until the end of the transition period, which may last for about three months. He said that the bank’s return on average equity (ROAE) increased to 29.5% at the end of March 2017 compared to 20.2% at the end of March 2016. The bank’s return on average assets (ROAA) also increased to 4.4% compared to 3.1% during the same period. According to Sharif, the bank’s investment in infrastructure led to an increase in administrative expenses by 23% to reach EGP 187m in Q1 2017 compared to EGP 153m in Q1 2016.

Source: Daily News Egypt May 29, 2017 07:52 UTC