MIBank bottom line slips 28 percent

Published March 16th, 2003 - 03:00 GMT

Egypt’s Misr International Bank (MIBank) reported a 28 percent net income decline in 2002, with 150.46 million Egyptian Pounds ($26.46 million), compared to EP209.12 million in the previous financial year.

Results for FY02, which ended December 31, showed a 13.3 percent net interest fall to EP216.74 million, and a 5.1 percent fall in interest revenue to EP910.22 million

At the same time, interest expense shrunk 2.2 percent to EP693.48 million.

MIBank was established in 1975 as a joint venture between several financial institutions, including the Egyptian state-owned Banque Misr, Banca di Roma International, UBAF Bank (now The British Arab Commercial Bank) and The First National Bank of Chicago.

In 1993, First National Bank of Chicago, the second largest shareholder then, sold its 20 percent stake to Banque Misr. Three years later, Banque Misr sold a 10 percent stake of its interest in MIBank, which then stood at 55 percent, in line with the government’s privatization program requiring state-controlled entities to reduce their holdings in private banks to a maximum of 20 percent. In 1997, Banque Misr sold an additional 20 percent of its shares in the form of Global Depository Receipts (GDR) bringing its holdings down to 25 percent.

MIBank provides a broad range of lending depository and related financial services to the industrial and business sectors. The bank has operations in the Middle East, Eastern Europe and Japan. — (menareport.com)