Banque Misr issued a report detailing its economic performance in the fiscal year (FY) 2014/2015 on Wednesday, highlighted by an increase in customers' deposits by approximately EGP 50bn, having registered EGP 290bn in FY 2014/2015, compared to the closing figures of EGP 240bn published for the FY 2013/2014. FY 2014/2015 witnessed a steady increase in the volume of the bank's transactions, which reflected on the performance of its major activities. The statement added that the financial position of the bank, as defined by its assets and liabilities, increased to over EGP 330bn through the end of June 2015, compared to EGP 274bn at the close of June 2014, marking a growth rate of over 20%, in spite of the current economic challenges and their impacts on the banking system as a whole. The bank provided an increased number in loans between early July 2014 and the end of June 2015. The values of these loans amounted to approximately EGP 41.3bn. The bank's hedges amounted to EGP 9.5bn, of which it retained a final value of EGP 8.7bn. The portfolio of funding for small, medium-sized and micro projects reached EGP 5.3bn at the bank in June 2015, compared to EGP 3.5bn in June 2014, recording an EGP 1.8bn increase, and a growth rate of 56%. The credit portfolio directed towards Islamic Banking increased as well, registering EGP 3.1bn in June 2015, compared to EGP 1.9 in June 2014. The retail banking portfolio registered EGP 7.8bn in June 2015, compared to EGP 5.8bn at the close of June 2014, an EGP 2bn increase, and a growth rate of 33%. Banque Misr further contributed in the last FY to developing, supporting, and equipping a number of universities' and governmental medical units with a value about EGP 18bn.
