Banque Misr is set to hold its Ordinary General Assembly next Sunday to approve the estimated budget of FY 2012/2013 that started on July 1st 2012, aiming at achieving good growth rates.
Sources told Amwal Al Ghad that Banque Misr targets to increase the volume of deposits and loans by 10% to 15% in the new fiscal year. This will accordingly boost the bank’s profitability and raise the return on average equity.
The estimated budget does not include high growth rates due to the political unrest and economic recession Egypt has been witnessing, sources noted.
Banque Misr achieved low growth rate in net profit in FY 2010/2011 because of the turmoil that followed 2011’s revolution. The bank’s profit registered EGP 515 million on June 30th 2011, up from EGP 509 million On June 30th 2010, with an increase of 1.2%. Return on average equity rose to 7.37% in June 2011, up from 7.04% in June 2010.
