Banque Misr sees $459mln-Net Profits end FY2014/15

Egypt’s second largest state-run bank, Banque Misr (BM) is looking forward to registering a one billion Egyptian pounds growth to eventually hit 3.5 billion pounds (US$ 458.8 million) of net profits within the current fiscal year 2014/15, Chief Financial Officer Sherif Samy stated Wednesday.

Samy added that Banque Misr recorded 2.5 billion pounds in net profits at the end of FY2013/14 opposed to 1.1 billion pounds at the end of June, marking 1.4 billion pounds increase.

Moreover, Banque Misr’s financial position has surged to 274 billion pounds compared to 218.2 billion at the end of June 2013, registering 55.8 billion pounds of growth.