Cairo – Mubasher: The unaudited consolidated financial results of Export Development Bank of Egypt (EBE) showed a 9% year-on-year profit decrease during the first quarter of fiscal year 2019/2020.

Net profits slumped to EGP 275.37 million in the July-September period, compared to EGP 302.8 million in the year-ago period, the bank said in a statement to the Egyptian Exchange (EGX) on Wednesday.

On the other hand, the bank’s net interest income rose to EGP 530.2 million in the three-month period ended 30 September from EGP 422.3 million in the same period a year earlier.

At the level of standalone business, the lender logged a net profit of EGP 245.15 million in Q1 of FY19/20, down from EGP 267 million in the corresponding period of FY18/19.

It is noteworthy that during FY18/19, EBE’s net profits increased to EGP 1.11 billion from EGP 790.3 million in the same period a year earlier.