Egypt’s Al-Watany Bank posts 38 percent drop in net income
Al-Watany Bank Of Egypt (AWB) reported a 38 percent plunge in its net profits for the first half of financial year 2002. During the first six months of the year, the bank’s bottom line reached 38.44 million Egyptian Pounds ($8.27 million), down from EP62.13 million reported the same period in 2001.
Earlier this month, AWB management announced that its director has resigned and stepped down from the board of directors. AWB’s first half financial results, for the period ending June 31, indicated that the bank’s net interest income fell to EP38.5 million, marking a 29.1 percent decrease, while interest expenses hikes 19.3 percent to EP213.05 million.
The bank’s disappointing bottom line performance was also attributed to a 71 percent fall in foreign exchange (fx) gains, reaching EP4.36 million, compounded by a 14 percent rise in provisions to EP22.33 million. — (menareport.com)
© 2002 Mena Report (www.menareport.com)