In the financial year 2001, Cairo Barclays Bank (CBB) reported a 6.4 percent net profits drop to 45 million Egyptian pounds ($9.8 million), from the EP48.1 million posted the previous year. Interest income reached EP239.2 million, marking a 12 percent drop from the corresponding period the previous year, while interest expense decreased 14 percent to EP154.9million. Net interest income totaled EP84.3 million in FY01, a seven percent drop from FY00.
The UK-based Barclays bank has been active in Africa for over a century, and currently operates retail and corporate banking facilities in Botswana, Egypt, Ghana, Kenya, Mauritius, the Seychelles, Tanzania, Uganda, Zambia and Zimbabwe. The Cairo branch of Barclays Bank was established 25 years ago as a joint venture between Banque du Caire (40 percent)and the British Barclays Bank PLC (60 percent). — (menareport.com)
© 2002 Mena Report (www.menareport.com)
