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Export Development Bank of Egypt's profit slides 45% in nine months

Export Development Bank of Egypt's profit slides 45% in nine months
The bank’s net interest income retreated to EGP 1.37 billion

Cairo – Mubasher: Export Development Bank of Egypt (EBE) achieved consolidated net profits of EGP 535.89 million in the first nine months of fiscal year (FY) 2020/2021, down by 45.22% year-on-year (YoY) from EGP 978.3 million.

The bank’s net interest income retreated to EGP 1.37 billion in the nine-month period ended 31 March, compared to EGP 1.57 billion in the year-ago period, according to a bourse disclosure on Tuesday.

The standalone financial results showed net profits of EGP 472.37 million in the first nine months of FY20/21, down from EGP 855.48 million in the same period a year earlier.

During the first half (H1) of FY20/21, the bank’s net profits declined to EGP 409.65 million, compared to EGP 602.81 million in the prior-year period, including minority shareholders’ rights.