Societe Generale’s Egypt Arm Net Income Up 3%

Last month Egypt’s financial regulator approved an offer by Qatar National Bank for NSGB.



National Societe Generale Bank (NSGB), Egypt’s second-biggest private sector bank by market capitalisation, reported a three per cent rise in 2012 consolidated net income on Wednesday.

NSGB said net income to end-December was 1.54 billion Egyptian pounds ($227.4 million) compared with 1.49 billion in the same period a year earlier.

Last month, Egypt’s financial regulator approved an offer by Qatar National Bank (QNB) for NSGB after requiring QNB to buy the whole company.

QNB had said in December it planned to buy a 77 per cent stake in NSGB held by French bank Societe Generale.

Shares in NSGB last traded up 0.1 per cent at 38.10 pounds.

Net interest income was 2.63 billion pounds, up 24 per cent compared with 2011, the bank said. Total assets grew by 6.3 per cent in the year to stand at 66.4 billion pounds.