Barclays Egypt Q1 profits up 78 per cent

Despite the challenging economic and political situation, profits increased, driven by robust performance across all lines and segments.
"The largest contributor to our improved profitability is growth of 20 per cent on net interest income and fees versus prior year, in addition to lower impairment charges which dropped to EGP 27.8 million, 62 per cent lower than last year. The improvement in impairment is a reflection of the bank's prudent and effective risk management strategies.

Furthermore, Barclays Egypt continued its focus on improving efficiency and cost control which was reflected in closing Q1 administrative expenses at EGP 119 million, one per cent lower than last year, despite continued investments in systems and people," said Soha El-Tuky, Barclays Egypt Finance Director.

"I am pleased with our performance, given it was delivered against a backdrop of turbulent economic, political conditions and ongoing business interruptions. Our business model has moreover enabled us to generate solid quarter on quarter improvements. This was clearly reflected in the increase in Q1 2012 PAT which was 26 per cent higher than Q4 2011, where 2011 performance was largely impacted by the political and economic instability in the country," El-Turky added.