Bottom line of Egypt’s Industrial Development Bank up 10.8 percent
The Industrial Development Bank of Egypt (IDBE) has posted a net income increase 10.8 percent in the first nine months of financial year 2002, compared to the corresponding period the previous year. The bank’s financial results for the nine-month period ending March 31, 2002, show net income amounted to 20.5 million Egyptian pounds ($4.4 million), up from EP18.51 million reported between and July 2000 and March 2001.
Interest income rose eight percent to EP171.9 million, while interest expense dropped 4.2 percent to EP117.6 million. IDBE’s net interest income thus totaled EP54.3 million, rising 46.6 percent over the sane period in FY01. At the same time, net banking income increased nearly 30 percent to EP76.9 million. The bank incurred EP 233,000 foreign exchange (FX) losses, versus FX gains of EP1.2 million between July and March 2001. — (menareport.com)
© 2002 Mena Report (www.menareport.com)