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EDBE profit dips, proposes capital increase
Reuters Published in Daily News Egypt on 07 - 09 - 2010

Export Development Bank of Egypt (EBDE) said net profit for the year to end-June dropped 26 percent and it was proposing to increase its capital, the stock exchange reported on Tuesday.
The exchange had suspended trade in the bank's shares earlier in the day until it sent its financial results for the year.
EDBE's board of directors on Monday approved a plan to increase the bank's capital by LE 240 million ($42.1 million) by using reserves and retained earnings, it said in a statement sent to the exchange.
The board will ask shareholders to approve the increase at an extraordinary shareholders meeting whose date has yet to be announced.
Net profit reached LE 194.6 million ($34 million), down from LE 264.6 million in the year to end-June 2009. No other financial details were given.
Shares in the bank, which is owned 77 percent by the government, last traded at LE 11.95 each.

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