Banque Misr’s net profit hikes 113% in 18 months

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Banque Misr has reported a 113% surge in net profit for the 18-month period ended December 31st 2021, recording EGP 23.5 billion, according to an emailed press release on July 27th.

The bank’s total profits before tax jumped by 76% to EGP 42.6 billion during the period from July 1st 2020 until December 31st 2021.

The financial position of the state-run bank amounted to around EGP 1.6 trillion at the end of December 2021, recording a growth rate of 29% as compared to EGP 1.2 trillion in end-June 2020.

The net balance of direct loans to clients jumped by 76% to EGP 590.6 billion end-December 2021 from EGP 335.4 billion in June 2020, while the loans provided to large- and medium-sized institutions reported a growth rate exceeding 79%.

Meanwhile, customer deposits grew by 33% at the end of December 2021, with its balance reaching EGP 1.2 trillion, compared to EGP 0.9 trillion at the end of June 2020.