Egypt’s Banque Misr net profit climbs 29% in FY2019/20

Egypt’s Banque Misr reported on Tuesday a 29 percent year-on-year increase in net profit in the financial year that ended on June 30.

Net profit reached 11 billion Egyptian pounds ($699.7 million) at the end of June 30 last year, according to the bank’s financial statements.

Pre-tax profit at Egypt’s second largest bank was 24 billion Egyptian pounds at the end of June 2020 compared with 17.3 billion pounds in the same period a year earlier.

Customers’ deposits also grew 24 percent to 928 billion pounds in financial year 2019/2020, compared with 746 billion pounds in the same period a year earlier.

The bank’s financial position totaled 1.2 trillion pounds compared to 967 billion a pounds year earlier, with 27 percent growth rate.

Retail lending portfolio reached some 47.9 billion pounds in June 2020 versus 31.5 billion pounds in June 2019 with 52.1 percent growth rate.

The number of issued payment cards, meanwhile, recorded 9.43 million cards in December 2020 to come in the second place among Egyptian banks in terms of payment cards number.