EAB posts 3.4 percent net income increase in 1H 2002
The Egyptian American Bank (EAB) posted a 3.4 percent net income increase in the first half of 2002, reaching 39.8 million Egyptian pounds ($8.5 million) compared to EP 38.5 million results from the same period last year.
The bank recorded gains despite a 4.5 percent drop in net interest income, reaching EP 84.3 million in the first six months of the year. EAB was more successful in the area of non-interest income, posting a 40.7 percent increase level reaching EP 87.8 million.
EAB was established in 1976 as a joint venture bank between American Express Holdings and the public sector Bank of Alexandria. Today, American Express holds a 40.83 percent stake in EAB while Bank of Alexandria holds 32.50 percent stake. Bank employees, companies and private individuals hold the remaining shares. — (menareport.com)
© 2002 Mena Report (www.menareport.com)