The Egyptian Export Development Bank (EDBE) recently posted net income of LE 117.1 million for the first six months of 2001, representing an 8.8 percent increase in comparison to the LE 107.7 million in the corresponding period of 2000.
The growth was mainly attributed to interest income which spurred 23 percent to LE 117.3 million, relative to last year’s LE 144.1 million figure. Income from non-interest operations rose approximately 20 percent to LE 164.4 million, up from LE137.1 million last year.
The bank posted net banking income of LE 341.7 million—21.5 percent higher than the LE 281.3 million figure at the end of June 2000.
The target stock price of EDBE stands at LE27 per share, which provides an upside potential of 35 percent above market price. —(Mena Report)
© 2001 Mena Report (www.menareport.com )