Only a slight rise in profits for MIBank
Misr International Bank (MIBank) presented its second quarter unaudited financial results with a one-percent growth in net profits, from E£126.3 million on June 30 1999 to E£127.6 million the corresponding period of this year, reported EFG-Hermes Brokerage.
The slight increase in net profits is most likely due to the bank's inadequate foreign currency position in the first half of the year, which lead to reduced foreign exchange gains, mostly from the fall in the exchange rate of the Egyptian pound to the U.S. dollar.
Bank loans increased 7.5 percent in the first six months of 2000, up from E£5.3 billion at the end of 1999 to E£5.7 billion for June 30 of the present year. Customer deposits, however, fell 1.1 percent from E£7.8 billion to E£7.7 billion. — (Albawaba-MEBG)
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