Banque Misr says deposits grow 20% in financial year 2014-15

Banque Misr, Egypt’s second largest state-run bank, registered a 20 percent rise in its customers’ deposits to hit 290 billion Egyptian pounds (US$37 billion) in the financial year 2014-2015, the bank said in statement Tuesday.

A year earlier, the customers’ deposits hit 240 billion pounds by end of June 2014.

Financial position has surged to more than 330 billion pounds at the end of June 2015 compared to 274 billion in the same period a year earlier, registering over 20 percent growth.

Retail portfolio reached 7.8 billion pounds versus 5.8 billion a year earlier, marking a 33 percent growth.

Furthermore, the bank said that it was was able to arrange and finance several projects with 41.3 billion pounds worth of total finance volumes during FY14-15, in favour of sectors of strategic importance for the Egyptian economy including fertilisers, real estate investment, and petroleum. Banque Misr managed to cover 9.5 billion pounds of the total process.

The bank currently owns and operates more than 500 electronically connected local branches, including five branches in the United Arab Emirates, one in France, in addition to regional and global existence in Lebanon, Germany and worldwide network of correspondents.