Profits of Egyptian Saudi Finance Bank up 5.8 percent
The Egyptian Saudi Finance Bank announced nine-month results for the financial year 2001, in which net profit rose 5.8 percent to 16.4 million Egyptian pounds ($3.6) compared to EP15.5 million in the corresponding period last year, according to the Cairo and Alexandria Stock Exchange (CASE) disclosure department.
The rise is attributed to a tripling of foreign currency transactions, from EP3.8 million between January and September 2000, to EP12.4 million this year. The bank also recorded a remarkable surge in extra-ordinary items, at EP 239,800 in the 2001 nine-month period, up from EP 20,200 last year.
The bottom line increase was registered despite a drop in net interest income to EP22.2 million, down 6.6 percent from EP23.8 million posted in FY00. — (menareport.com)
© 2001 Mena Report (www.menareport.com)