Banque Misr achieved net profit of EGP 515.2 million in the fiscal year ended in June 2011, compared with EGP 509.6 million at the end of June 2010.
Bank’s financial results for June 2011 were approved by the general assembly yesterday.
Pre-tax net profit increased with EGP 303 million, 22%, posting EGP 1.6 billion, compared with EGP 1.3 billion in June 2010 and EGP 735 million in June 2009.
Net income surged by EGP 868 million, 68%, registering EGP 2.1 billion, compared with EGP 1.2 billion in June 2010 and EGP 947 million in June 2009.
The volume of deposits soared by EGP 10 billion, 7%, registering EGP 155 billion, compared with EGP 145 billion in June 2010 and EGP 132 billion in June 2009.
Sources attributed the delay in approving the financial statements to the disagreement raised over the provisions allocated to cushion the bank against bad and tax-exempt debts. The “provisions” term was changed to “burden of impairment” in pursuant to the international accounting standards applied in Egypt. Accordingly, governmental banks were asked to pay taxes on these loans. Afterwards, the Bank replied on the Central Auditing Organization and settled this disagreement.
