Bottom line of Misr Romanian Bank drops 34 percent in 1H02
A 34.1 percent fall in the bottom line of the Misr-Romanian Bank was reported in the first six months of the financial year 2002, ending June 31. The institution’s net profits totaled 15.14 million Egyptian Pounds ($3.27 million) in the first half of FY02, down from EP22.99 million in the corresponding period the previous year.
While net interest income edged upward two percent to EP26.79 million, a 45 percent rise was registered in provisions, reaching EP24.35 million, and a 22 percent increase in general and administrative expenses raised the figure to EP24.44 million.
Operating since 1977, the Cairo-based joint venture financial institution has an authorized capital of $50 million and a paid up capital of $30 million. The bank deals in all banking and financial operations in local and foreign currencies. — (menareport.com)
© 2002 Mena Report (www.menareport.com)