Egypt’s Banque Misr net profit grows 113% in 18 months

Banque Misr, Egypt’s second biggest state lender, reported on Wednesday a 113 percent growth in net profit to 23.5 billion Egyptian pounds ($1.2 billion) during an 18-month period ended in December 2021.

Pre-tax profits grew 76 percent to 42.6 billion pounds.

The bank’s financial position also grew by 29 percent to around 1.6 trillion pounds at the end of December 2021 from 1.2 trillion pounds at the end of June 2020.

Customers’ deposits rose 33 percent to 1.2 trillion pounds at the end of December 2021 from 0.9 trillion pounds at the end of June 2020.