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.