Banque Misr achieves highest profits in its history of LE 14B in 6/17

CAIRO – 11 March 2018: Banque Misr achieved its highest profits in its history in fiscal year 2016/17, which ended in June 2017, posting total profits, before tax, of LE 14.1 billion, with 38.4 percent growth rate compared to the previous fiscal year, the bank said Sunday.

Net profits recorded LE 8.2 billion in 2016/17, compared to LE 5.5 billion in 2015/16, growing by 48.5 percent after taxes worth LE 5.9 billion.

Financial indicators showed a significant rise in growth rates across all sectors in 2016/17. The financial position totaled LE 787 billion in 30/6/2017, compared to LE 430 billion a year earlier, with 83 percent growth rate.

The bank’s retail portfolio reached LE 18.1 billion in June 2017 versus LE 14.5 billion in June 2016 with 24.8 percent growth rate.

The number of issued payment cards, meanwhile, recorded 5.97 million cards in December 2017.

Founded in 1920, Banque Misr is one of Egypt’s state-owned banks. The bank has about 14,500 employees, serving more than eight million clients in Egypt, with a total paid-up capital amounting to LE 15 billion, according to the bank’s website.

The bank has about 600 electronically integrated local branches, as well as five branches in the United Arab Emirates and one in France, in addition to subsidiaries in Lebanon and Germany and representative offices in China and Russia.