NBK-Egypt: Mizan Fund’s Net Profits Jump 335% in a Year

The National Bank of Kuwait – Egypt announced Monday a 335% year-on-year surge in net profits of its mutual fund Mizan during fiscal year ended on June 30, 2014.

Mizan’s net profits reached EGP 49.6 million in FY2013/14, compared to EGP 11.4 million for the same period a year earlier.

NBK-Egypt’s income statement also revealed that Mizan posted total revenues worth EGP 53.6 million by end of June 2014, opposed to EGP 12.4 million only by end of June 2013.  Change in the fair value seized 74% of Mizan’s revenues to hit EGP 39.7 million.

Moreover, the total current assets of Mizan rose 52% to EGP 162.5 million by end of June 2014, versus EGP 106.9 million at end of June 2013.

In May 2006, NBK-Egypt established Mizan, an open-ended mutual fund with return and periodic distribution, by virtue of Capital Market Law No. 95/1992 and its Executive Regulation.