ICEC

Egypt’s Banque Misr net profit up 66.3% in FY14/15

Egypt’s second biggest state bank, Banque Misr reported a 66.3 percent rise in net profit after tax in the financial year 2014/15 to 4.182 billion Egyptian pounds ($471.1 million).

Profits before tax surged 47.8 percent to 7.798 billion pounds.

Mohamed El-Etreby – Banque Misr’s Chairman – said the general assembly endorsed late Wednesday the bank’s earnings and financial statements for the financial year 2014/15 ended on June 30, 2015.

The assembly approved a proposal to retain profits, aiming to boost the shareholders’ equity, the banking official added.

In addition, the bank’s portfolio of loans and credit facilities also grew 19 percent to 63.8 billion pounds by the end of June 2015. Customers’ deposits also hiked 20.8 percent to 290.1 billion pounds.

Non-performing loans (NPLs) fell 7 percent to total gross loans, versus 15.5 percent in the same period a year earlier.

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