Banque Misr Acquires 15.9% Deposit Market Share In Egypt
Banque Misr raised the value of deposit portfolio from EGP 154.5 billion to EGP 162.5 billion, registering an annual growth rate of 5.2% (EGP 8 billion) and acquiring market share of 15.9%.
These results were reflected on the rate of return on average equity which reached 9.9% in June 2012, compared to 7.1% in June 2011, after increasing the bank’s capital to EGP 11.3 billion on June 27th, 2012, according to a statement released by the bank.
Despite the current economic challenges and their repercussions on the banking sector as well as the burdens imposed on the bank as a result of financing the non-performing loan portfolio it acquired from Banque Du Caire, Banque Misr achieved net profit of EGP 709 million at the end of last June, compared to EGP 515 million at the end of June 2011, registering an increase of 37.7%.
The same period witnessed a steady increase in the net income from revenue which reached EGP 3.985 billion on June 30th 2012, compared to EGP 2138 million on June 30th 2012, registering an increase of 1.847 billion (86.4%). In addition, net income from fees and commissions rose 6.3% to reach EGP 827 million.
