Egypt’s Banque Misr: six-month net profit at EGP 8.507 bln

Banque Misr, Egypt’s second biggest state lender, has achieved net profit of 8.507 billion Egyptian pounds ($432.3 million) in the first half of the year, up from 6.315 billion pounds in the same period last year.

The profits before income taxes also increased to 15.088 billion pounds at the end of June 2022 from 13.189 billion pounds at the end of June 2021, the bank’s financial statement revealed on Tuesday.

The loan interest rates grew to about 73.637 billion pounds from 61.791 billion pounds at the end of June 2021, while the cost of deposits rose to 54.541 billion pounds from 44.934 billion pounds.

According to the statement, the return’s net income added 19.095 billion pounds at the end of June 2022, compared to 16.856 billion pounds at the end of March 2021.