Banque Misr’s Net Profit Hit EGP 709 Mln In FY 2011/12

Banque Misr’s general assembly approved in its meeting last Sunday the financial statements for the fiscal year that ended on June 30th 2012. The financial statements showed that the bank achieved net profit of EGP 709 million, compared to EGP 515 million in FY 2010/2011, registering an increase of 38%.

The bank’s business results revealed that the bank’s return on average equity registered 10% in June 2012, compared to 7.3% in June 2011, said Mohamed Abbas Fayed, vice chairman of the bank.

Net income from revenue surged 86% to reach EGP 3.9 billion in the last fiscal year, compared to EGP 2.1 billion in FY 2010/2011 and the bank’s financial position rose 6% by the end of June 2012, he added.

The bank’s net assets rose to EGP 188 billion and shareholders’ equity to EGP 12 billion. The bank’s net loans offered in the last fiscal year increased 15% and deposits rose 5.5% to reach EGP 163 billion at the end of June 2012.

Fayed noted that the number of bank’s branches increased to 475 and ATMs rose to 888 at the end of June 2012, up from 860 at the end of June 2011.