National Societe Generale Bank (NSGB), Egypt’s second-biggest bank by market value, this week said net income for the past financial year (2012) surged three percent.

Reuters quoted NSGB as saying 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.

Egypt’s financial regulator last year accepted an offer by Qatar National Bank (QNB) for NSGB after asking QNB to acquire the 100 percent shareholding in the company.

In December last year, QNB had said it wanted to acquire a 77 percent shareholding in NSGB held by French bank Societe Generale.

Reuters reported net interest income was 2.63 billion pounds, up 24 percent compared with 2011. Total assets surged by 6.3 percent in the year to stand at 66.4 billion pounds.