Banque Misr achieves profits of EGP10.4 bln in 2017/18

MENA , Tuesday 9 Apr 2019

Banque Misr
A file photo of Banque Misr in Cairo (Photo: Ahram Arabic)

Banque Misr achieved net profits worth EGP 10.4 billion before tax deductions during fiscal year 2017/18 and EGP 6.3 billion after taxes. 

In a statement on Monday, the bank said that the total financial position hiked 12.3 percent, reaching EGP 884 billion compared to EGP 787 billion in the previous fiscal year. 

The decline in profits is attributed to the bank's offering of saving vessels in Egyptian pounds with high revenue (17 and 20 percent) following the state's plan for economic reforms. 

The customer deposits grew 25.7 percent, recording EGP 670 billion compared to EGP 533 billion in the previous fiscal year.

The bank dominates 18.8 percent of the Egyptian deposit market with an increase of 1.2 percent. 

Short link: