Central Bank of Egypt (CBE) will approve Banque Misr's financial results for FY 2010/2011 ended in June 2011 in the general assembly which will be held in the presence of Dr. Farouk EL Okdah, governor of CBE, 10 months after the end of the year. Sources told Amwal Al Ghad that Banuqe Misr will hold a press conference by the mid of next June to announce the financial results for the last fiscal year, in which the Bank proved to be consistent and posted good results despite the economic turmoil Egypt has witnessed. Sources expected the Bank to post net profit of EGP 500 million to EGP 520 million, compared with EGP 509 million at the end of June 2010, EGP 165 million at the end of June 2009. Sources attributed the delay in approving the financial results to the disagreement raised over the provisions allocated to cushion the bank against bad and tax-exempt debts. The “provisions" term was changed to “burden of impairment" in pursuant to the international accounting standards applied in Egypt. Accordingly, governmental banks were asked to pay taxes on these loans. Afterwards, the Bank replied on the Central Auditing Organization and settled this disagreement.
