Daily News Egypt

BM achieved record profits of EGP 14.1bn at end-FY 2016/2017 - Daily News Egypt

Advertising Area

Advertising Area

BM achieved record profits of EGP 14.1bn at end-FY 2016/2017

ROA at 1.33%, ROE scored 16.31%

Banque Misr’s financial statements showed that the bank achieved a record profit of EGP 14.1bn before deducting taxes in fiscal year (FY) 2016/2017, which ended in June 2017, up by 38.4% from FY 2015/2016.

According to the bank’s figures, its net profit reached EGP 8.2bn, compared to EGP 5.5bn the previous year, up by 48.5% after payment of EGP 5.9bn in taxes.

Furthermore, the bank’s total financial position increased to EGP 787bn at the end of FY 2016/2017, compared to EGP 430bn in FY 2015/2016—up by 83%.

The rate of return on average assets (ROA) reached 1.33%, while return on equity (ROE) scored 16.31%. Customer deposits grew by approximately EGP 191bn to EGP 532.5bn—an increase of 56%. Net loans also increased by 40% from EGP 128bn to EGP 179bn.

The ratio of non-performing loans to total loans registered 3.71% despite the economic challenges and their impact on the banking system as a whole.

The bank stated that its retail banking portfolio grew to EGP 18.1bn at the end of June 2017, up from EGP 14.5bn at the end of June 2016, marking an increase of 24.8%. The number of electronic payment cards issued by the bank totaled 5.97m in December 2017.

Moreover, the value of small and medium enterprise (SME) customers’ financing at the end of June 2017 reached EGP 4.5bn.

“The bank’s corporate credit and syndicated loans sector was successful during the period from 1 January 2017 to the end of December 2017, where Banque Misr arranged and contributed to several loans worth EGP 69.5bn to many sectors, including electricity and renewable energy, cement, real estate investment, and petroleum, among others. BM’s share in these transactions reached EGP 27.3bn,” the statement read.

On the other hand, for the retail Islamic banking sector, the size of credit portfolio scored EGP 5.7bn, up from EGP 3.9bn at the end of June 2016, marking an increase of 46.2%.

With regard to the role of the bank in social responsibility, the amount spent on this area during FY 2016/2017 reached EGP 351.4m. The donations approved from the bank’s board of directors in FY 2017/2018 until now reached over EGP 566.4m.

Advertising Area

Breaking News

No current breaking news

Receive our daily newsletter