Central Bank of Egypt (CBE) will approve the financial results of Banque Misr for the FY 2010/2011 ended in June 2011, during the next general assembly expected to be held this week in the presence of governor of CBE, Dr. Farouk El-Okdah.
Senior officials told Amwal Al Ghad that the approval of financial results was delayed as Central Auditing Organization (CAO) delayed in approving the results because there was disagreement over the volume of provisions for bad debts and tax-exempt loans. The disagreement came as 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 CAO and settled this disagreement.
Sources expected Banque Misr to achieve net profit from EGP 500 million to EGP 520 million, compared with EGP 509 million at the end of June 2010, and EGP 165 million at the end of June 2009.
Banque Misr is not expected to achieve good results for FY 2010/2011, because of the turmoil that followed last year’s 25th January revolution which affected negatively the Bank’s results in the second half of the year.
