Egyptian American Bank net income plunges 34 percent in 1Q02
The Egyptian American Bank (EAB) reported a 34 percent fall in its net profits for the first quarter of financial year 2002. During the first three months of the year, EAB’s net profits totaled 20.11 million Egyptian pounds ($4.34 million), down from EP30.48 million earned in the corresponding period the previous year.
The bank’s interest revenue dropped 11 percent to EP116.31 million, while interest expense reached EP74.22 million, constituting a 14 percent decrease. Net interest income thus registered a 5.6 percent fall, reaching EP42.1 in March-end 2002. At the same time, non-interest income rose 28.6 percent, totaling EP44 million at quarter-end. A marginal 1.1 percent rise was registered in EAB’s net loans, amounting to three billion EP in 1Q02, versus EP2.9 billion in 1Q01. Customer deposits remained stable at six billion EP.
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)