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CAIRO, April 9 (Reuters) - Egypt's National Societe GeneraleBank, which is being bought by Qatar National Bank, posted a 32 percent rise in net profit in the firstquarter, it said in a statement on Tuesday.
The country's second-biggest private bank by marketcapitalisation made a net profit of 463 million Egyptian pounds($67.60 million) in the first quarter compared with 350 millionpounds in the same period a year earlier.
"This was achieved through its strong risk management,diversified products and widely spread network," the bank saidin the statement.
Operating income rose by 35 percent in the first quarter to747 million pounds compared with 552 million pounds in the sameperiod a year earlier.
Fees and commissions increased by 21 percent to 226 millionpounds compared with 186 million pounds a year earlier.
Egypt's regulator approved a QNB offer to take over NSGB inwhich it offered 38.65 Egyptian pounds per NSGB share.
QNB is 50 percent owned by the Qatar Investment Authority, asovereign wealth fund that has led the bulk of the gas-rich Gulfstate's international acquisitions in recent years, includingstakes in Barclays, carmaker Volkswagen andluxury store Harrods.
