ESFB records 27 percent net profit drop
The Egyptian Saudi Finance Bank (ESFB) recorded a 27.4 percent net profit drop in the first nine months of 2002 reaching 11.9 million Egyptian pounds ($2.5 million). Net interest income rose by 34.2 percent to EP 29.9 million while net banking income decreased by 4.2 percent to EP 45.1 million during the same period.
Al-Ahram Bank was established in 1980 and was renamed ESFB in 1998. The bank conducts all of its transactions according to the Islamic Shariah Law. In the first half of 2001 the bank recorded a net profit of EP 10.9 million compared with EP 10.8 million during the same period in the previous year. — (menareport.com)
© 2002 Mena Report (www.menareport.com)