Egypt’s Banque Misr Q1 net profit jumps 109%

Banque Misr, Egypt’s second largest bank, reported on Wednesday a 109 percent year-on-year growth in net profit for the first quarter of the year.

Net profit rose to 2.400 billion Egyptian pounds ($152.8 million) for the January to March period.

Profits before tax also increased to 5.911 billion pounds from 4.383 billion in the same comparable period last year.

Net interest income stood at 8.076 billion pounds at the end of March 2021, up from 7.242 billion pounds at the end of March 2020.