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

Ahram Online, Tuesday 23 Aug 2011

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

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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