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Banque Misr pays EGP 1.7bn in taxes

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The bank also reap EGP 709m in net profits

Banque Misr reported EGP 2.426bn in profits before taxes, representing a 45.2% increase compared to the previous year, and net profits of EGP 709m, compared to EGP 515m for the fiscal year ending in June 2011 (AFP Photo)

Banque Misr reported EGP 2.426bn in profits before taxes, representing a 45.2% increase compared to the previous year, and net profits of EGP 709m, compared to EGP 515m for the fiscal year ending in June 2011
(AFP Photo)

Banque Misr’s General Assembly held a meeting last Sunday detailing its finances for the fiscal year ending November 30, 2012.

The bank reported EGP 2.426bn in profits before taxes, representing a 45.2% increase compared to the previous year, and net profits of EGP 709m, compared to EGP 515m for the fiscal year ending in June 2011. This represented a 37.7% increase, after the bank paid EGP 1.717bn in taxes.

This reflected the yearly results of average return rates for property rights, which reached 9.9% in June 2012, compared to 7.1% in June 2011. This came after the bank’s capital increased to EGP 11.3bn by last June.

This year saw a steady increase in net income returns, approaching EGP 3.985bn for the year ending in June 2012, compared to EGP 2.138bn for June 2011, increasing EGP 1.847bn at a rate of 86.4%. Net income from fees and commission increased by 6.3% reaching EGP 827m, with client deposits increasing roughly EGP 8m, from EGP 154.5bn to EGP 162.5 at a rate of 5.2%, with Banque Misr’s overall market share increasing to 15.9%.

The Bank also saw an increase in the amount of balance of loans granted to clients by EGP 6.2bn, or 15.2%, with the expansion of retail products, new banking services and product development efforts to accommodate the various needs of its clients and customers. This was in addition to increased rates of loans for durable goods and pensioners, in addition to real estate funding for low income residents. This year also saw an increase in the amount of personal and car loans made, the amount of paid bills, taxes and customs made electronically through Banque Misr’s network, and rates of Takaful insurance.

The bank’s retail portfolio increased to EGP 2.9bn by the end of June 2012, compared to EGP 1.9bn by the same time during the previous year, representing a EGP 1bn, 52.6% increase.

The number of credit and debit cards issued by the bank totaled 2.2m, placing it second in Egypt in terms of banks whose cards carry the Visa logo, making up 15% of the market. This is compared to banks which carry the Mastercard logo, in which Banque Misr places third with 13.6% of the market.

The Bank places first among those who pay customs duties, making up 40% of the market.


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