Egypt’s Banque Misr says net profit hit EGP 6.819 billion in Q1

Banque Misr, Egypt’s second biggest state lender, recorded net profit of 6.819 billion Egyptian pounds ($355 million) in the first quarter of 2022, up from 2.400 billion pounds in the same period last year.

Profits before income taxes also grew to 9.789 billion pounds in the January-March 2022 period from 5.911 billion pounds in the January-March 2021 period.

Customers’ deposits surged to 1.370 trillion pounds at the end of March 2022 from 1.233 trillion pounds at the end of December 2021.