UBE net profit plunges 57 percent in 1H02
The United Bank of Egypt (UBE) recorded a 57 percent net profit fall during the first six months of the financial year 2002, reaching 10.1 million Egyptian pounds ($2.18 million), compared to EP 23.32 million in first half 2001, according to company financials.
The bank’s interest revenue increased by 13 percent, reaching EP189.72 million, coupled with a 12 percent increase in interest expense, reaching EP173.59 million. Net interest income soared 29 percent to EP16.14 million.
UBE is an Egyptian joint stock company that carries out all commercial activities in local and foreign currencies from its nine branches. The bank's paid in capital is EP200 million, distributed among 20 million shares. — (menareport.com)
© 2002 Mena Report (www.menareport.com)