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NBE, Banque Misr to post joint profits exceeding EGP 9bn Banque Misr achieved net profits of EGP 2.51bn after taxes in FY 2013/2014, while the NBE achieved net profits of EGP 3.7bn in the same year
The joint profits of the National Bank of Egypt (NBE) and Banque Misr for fiscal year (FY) 2014/2015 may exceed EGP 9bn, Chairman of Banque Misr Mohamed Al-Etreby said. Banque Misr achieved net profits of EGP 2.51bn after taxes in FY 2013/2014, while the NBE achieved net profits of EGP 3.7bn in the same year. According to Al-Etreby, the two public banks are scheduled to hold a general assembly meeting to approve their budgets for the past fiscal year, which came to an end in June 2015. Al-Etreby's statements came during the signing of a syndicated loan contract between Banque Misr, the NBE and a real estate company. The initial indicators of Banque Misr's operating results in FY 2014/2015 revealed that bank's total balance sheet increased to approximately EGP 330bn in June 2015, compared to EGP 274bn in June 2014, marking a growth rate of over 20%. The NBE only revealed the metrics determining its operating results in the past fiscal year at the end of last week.
