Cairo – Mubasher: Banque Misr’s general assembly has approved the financial statements of the bank as at 30 June 2018, which showed a 50% year-on-year profit decline.

The bank’s profit after taxes went down to EGP 4.1 billion in FY17/18, compared to EGP 8.2 billion in the year-ago period, according to a bank statement.

On the other hand, customer deposits surged %25.7 to EGP 670 billion in FY17/18 versus EGP 533 billion in FY16/17.

Banque Misr’s share in the Egyptian deposit market rose 1.2% to 18.8% in FY17/18.

During the previous fiscal year, loans grew 23.4% year-on-year to EGP 221 billion, the bank’s data showed.

The Cairo-based bank participated in the financing of 18 projects in FY17/18 with a total amount of EGP 113 billion in a group of sectors including the electricity, real estate, contracting, and oil and gas.