Piraeus Bank Egypt’s Losses 48.6% Down In 9 Months

Piraeus Bank Egypt’s losses dropped by 48.6% during the first nine months of 2012 to reach EGP 94.2 million at the end of last September, compared to EGP 183.3 million at the end of the same period of 2011. The bank’s losses fell by EGP 770.2 million in Q3 of 2012 to reach EGP 30.96 million, compared to EGP 107.9 million at the end of the same period of 2011.

The bank’s separate financial statements showed that the bank’s investments in T-bills decreased by 15.9%, registering EGP 894.7 million at the end of Q3 of 2012, compared to EGP 1.063 billion at the end of 2011.

The bank’s portfolio of loans and credit facilities dropped by 2.96% to reach EGP 3.2 billion at the end of last September, compared to EGP 3.3 billion at the end of last year. The bank’s deposit portfolio fell by EGP 664.3 million (9.13%), registering EGP 6.6 billion at the end of last September, compared to EGP 7.3 billion at the end of 2011.