Egypt’s Banque Misr pretax profit jump 53.7% at Sept-end

Egypt’s second largest public bank Banque Misr reported on Wednesday a 53.7 percent growth in pretax profit at the end of September 2021.

Pretax profit recorded 37.246 billion Egyptian pounds ($2.4 billion) at the end of September 2021 from 24.230 billion pounds at the end of June 2020, according to the bank’s financial indicators.

Net profit also rose to 21.466 billion pounds in the July 2020 – September 2021 period from 11.005 billion pounds in the July 2019 – June 2020 period.

Income tax expense reached 15.780 billion pounds at the end of September 2021 from 13.177 billion pounds at the end of June 2020.

Interest on loans and similar income increased to around 153.306 billion pounds in September 2021 from 112.166 billion in June 2020.

Interest on deposits and similar expenses also surged to 110.929 billion pounds from 83.542 billion pounds.

Net interest income stood at 42.376 billion pounds in September 2021, up from 26.623 billion pounds in June 2020.

Fees and commissions income totalled 8.801 billion pounds from 5.379 billion pounds.

Total assets climbed to 1.46 trillion pounds in September 2021 from 1.228 trillion in June 2020.