Cairo – Mubasher: Export Development Bank of Egypt’s (EBE) net profits dipped by 32% on a year-on-year (YoY) basis during the first quarter (Q1) of fiscal year (FY) 2020/2021.

The bank’s earnings netted EGP 186.76 million in the quarter ended in September 2020, compared with EGP 275.38 million in the year-ago period, including minority shareholders’ rights, according to a bourse statement on Thursday.

Meanwhile, net income reached EGP 441.88 million, compared to EGP 530.28 million.

As for standalone business, the lender gained EGP 175.86 million in profits in Q1-20/21, down from EGP 245.15 million during the prior-year quarter.

In FY 2019/2020, EBE reported a slight decrease in its annual net profits, logging EGP 1.103 billion, compared to EGP 1.116 billion a year earlier.