Egypt’s Banque Misr pre-tax profit climbs 67% at June-end

Egypt’s Banque Misr reported on Thursday a 67 percent increase in pre-tax profit in the financial year 2018/2019, which ended in June last year.

Pre-tax profit at Egypt’s second largest bank was 17.3 billion Egyptian pounds ($1.1 billion) at the end of June 2019 compared with 10.4 billion pounds in the same period a year earlier,

Net profit after tax reached 8.6 billion pounds at the end of June, the bank’s financial indicators showed.

Customers’ deposits also grew 11.4 percent to around 745.8 billion pounds at the end of June 2019, compared with 669.6 billion pounds in the same period in 2018.