Egypt Export Development Bank records $18 million net income in 2001
Egypt’s Export Development Bank (EDBE) recorded a net income of 83.1 million Egyptian Pounds ($18 million) in 2001, an 0.5 percent increase compared with last year’s EP 2.7 million income. EDBE witnessed a decline in bottom line of EP 2.6 million to EP 41 million down from LE42.1 million recorded in the first quarter of 2001. Net interest income witnessed a marginal decline to EP 88.5 million, down from EP 89.3 million attained last year, stated a press release.
Interest expense witnessed a three percent increase, reaching EP 255.9 million, up from EP 248.5 million in 2001. Non-interest income continued on a declining trend to record a drop of 2.9 percent to come in at EP 76.2 million, down from EP 78.5 in the comparable period last year. This was essentially attributed to a minor decline in all non interest income constituents, specifically fees and commissions. — (menareport.com)
© 2002 Mena Report (www.menareport.com)