Egypt’s economic indicators
The Ministry of Finance announced a 91-day T-bill auction with a total face value of LE400 million.
The issue date is March 1 and the maturity date is May 31.The final date for bids is February 28.
The Central Bank of Egypt announced the acceptable bids for its 91-day T-Bill auction, from which
40 out of 51 bids were accepted with a total face value of LE413.400 million. The annual interest rate ranged between 9.031 percent and 9.165 percent with an average of 9.100 percent.
Commercial International Bank –CIB (COMI.CA/COMIq.L) released FY2000 results ending December, in which the bank has produced better than expected results. Net income grew 9.7 percent to LE384.99 million compared to LE350.85 million in FY99.This growth came on the back of a 13 percent rise in net interest income to LE448 million and a 35 percent jump in non-interest income to LE394.5 million. CIB has maintained its strong performance despite a 68.4 percent increase in provisions to LE253.9 million versus LE150.7 million in FY99. It is worth noting that CIB will hold its ordinary general assembly on April 9, which will approve FY2000 financial statements and propose a cash dividend of LE3.75/share.
Al-Watany Bank of Egypt (WATA.CA) posted FY2000 results ending December, in which NAI increased 1.3 percent to LE84.34 million in FY2000 compared to LE83.26 million in FY99.Net interest income jumped 21.6 percent to LE112.98 million from LE92.94 million in FY99.Customer deposits surged 18.3 percent to LE3.48 billion compared to LE2.94 billion, while net loans grew 8.4 percent to LE2.8 billion versus LE2.6 million, bringing net loans to deposits to 81 percent down from 88 percent. Provisions increased 7.8 percent to LE48.7 million versus LE49.2 million. WATA will hold its ordinary general assembly on March 21 to approve its FY2000 financial statements and a suggested dividend of LE3.00/share.
Suez Cement (SUCE.CA) held its extraordinary general assembly on February 24, which approved the increase in its issued capital by 10.1 million shares designated for a strategic investor. The meeting also approved providing the strategic investor with the option to acquire 5.9 million shares from SUCE’s free float (no participation from major shareholders) to increase the acquired stake to 25 percent of SUCE’s capital. It is worth noting that SUCE will determine the fair value of its shares.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)