HSBC Egypt net profits remain flat in 1H02
The bottom line of HSBC Bank Egypt remained unchanged during the first half of the financial year 2002. The bank reported net profits of 32.8 million Egyptian Pounds ($7.06 million) for the year’s first six-month period, which ended June 31.
HSBC Egypt’s financial results were burdened by a 48 percent rise in general and administrative expenses (G&A), which incorporate currency depreciation. During 1H02 G&A expenses reached EP54.8 million. On the other hand, net interest income surged 58 percent to EP59.5 million in 1H02, versos EP37.7 million in 1H01.
Deposits climbed a slight 2.7 percent to EP3.8 billion, while net loans recorded a more impressive 27.8 percent hike, reaching EP2.3 billion in the first half of FY2002, versus EP1.8 billion reported for the corresponding period the previous year.
Established in 1982, HSBC Bank Egypt is the Group’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)
© 2002 Mena Report (www.menareport.com)