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).

A MEED Subscription...

Subscribe or upgrade your current package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications