Egypt’s Mohandes Bank posted a 63 percent net profit drop in the first quarter of 2002, reaching 2.4 million Egyptian pounds ($516,962) compared to EP 6.4 million during the corresponding period of the previous year.
The bank’s net income dropped by three percent to EP 116.3 million while interest expense rose slightly by 0.8 percent to EP 122 million, resulting in a net interest loss of EP 6.3 million. Fees and commissions remained constant at EP 17.6 million and administrative expenses increased by five percent.
Founded in 1979, Mohandes is a commercial bank operating with an authorized capital of EP 300 million. Mohandes Bank’s principle shareholders include the Engineers Syndicate's Pensions Fund with 32.1 percent, the National Investment Bank (NIB) with 12.5 percent and the Suez Canal Authority's Insurance Fund with a 10 percent stake. — (menareport.com)
© 2002 Mena Report (www.menareport.com )