HSBC Bank Egypt reports sharp interim profit fall

27 November 2002

EgyptHSBC Bank Egypt has reported a 33.5 per cent year-on-year drop in net profits for the first three quarters of 2002, attributable mainly to increased provisions. Net profit for the period was£E 33.6 million($7.3 million), compared with£E 50.6 million ($11 million) in January-September 2001. Provisions rose to£E 54.2 million ($11.7 million) from£E 31.9 million

($6.9 million). The bank's loan portfolio has risen by 26.5 per cent since the start of the year to reach £E 2,319 million ($503 million), deposits by 14.5 per cent to £E 4,209 million ($913 million) and total assets by 9 per cent to £E 4,921 million ($1,067 million).

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