HSBC Bank Egypt reports 100 percent net profit growth for 2003
HSBC Bank Egypt reported net profits of 67.1 million Egyptian pounds ($10.9 million) for the first nine months of 2003 compared to EP 33.6 million for the same period last year, an increase of 100 percent.
The bank’s net operating income increased 35 percent to EP 239.6 million and interest revenue rose 34 percent to EP 332.7 million. Fees and commissions increased 38 percent to EP 63.8 million and foreign exchange gains rose 15 percent to EP 33.5 million.
Established in 1982, HSBC Bank Egypt is HSBC’s principal representative in Egypt, formerly the Egyptian British Bank. The bank provides personal and corporate banking and related financial services, in both local and foreign currencies. With over 5,000 offices in 82 countries and territories worldwide, the British financial group HSBC is one of the world's largest banking and financial institutions. — (menareport.com)
© 2003 Mena Report (www.menareport.com)