Banque Misr full-year pre-tax profit rises 30.7%

Egypt’s second biggest bank, state-owned Banque Misr says profits before tax have climbed 30.7 percent to record 10.2 billion Egyptian pounds ($627 million) throughout the financial year 2015/2016.

The bank has announced its financial statements for the financial year ended on June 30, 2016, following shareholders’ ordinary meeting held earlier this week.

Customers’ deposits also rose 17.6 percent to exceed 341 billion pounds on June 30, 2016, compared to 290 million pounds a year earlier.