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Egypt's Bank of Alexandria’s profits down 69 per cent

Financial institution sees bottom line plunge, as deposits and investments in government securities see rises

Ahram Online, Tuesday 23 Aug 2011
Views: 1314
Views: 1314

Egypt's Bank of Alexandria said in an advertisement in Al-Ahram daily newspaper that its 2Q/2011 bottom line figure was LE53.2 million ($9m), down 69 per cent  from LE172m ($29.1m) in 2Q2010.

Loans fell 1.1 per cent year-on-year to LE17.9bn, while deposits rose 4.6 per cent year-on-year to LE28.9bn as of June.

Investments in Egyptian government securities also rose to LE8.2bn in June, up from LE4.8bn in December 2010.

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