Egyptian Export Development Bank released 1H FY2001 results ending December, in which net income increased 5 percent to LE82.7 million compared to LE78.8 million in 1H FY2000. Net interest income experienced 36.5 percent growth to LE89.3 million versus LE65.4 million in the pervious comparable period. Interest income from loans and inter-bank assets increased 35.1 percent to LE302 million from LE223.5 million in 1H FY2000.
Moreover, Interest income from Treasury Bills and Bonds increased 23 percent to LE35.8 million. Non-interest income increased 19.3 percent to LE78.5 million compared to a previous year figure of LE65.8 million. However, non-interest income as a percentage of total banking income dropped to 47 percent down from 50 percent in 1H FY2000. Commissions and fees income soared 26.5 percent to LE71.4 million. However, FOREX gain slipped 52 percent to LE2.7 million compared to LE5.7 million
On the expense side, the bank has recorded LE83.7 million in provisions, administrative, general and depreciation expenses in 1H FY2001,62.5 percent higher than 1H FY2000. Deposits increased 7.1 percent from LE4.5 billion as of June 2000 to LE4.8 billion at the end of December 2000. On the other hand, net loans inched-up 1.6 percent from LE4.5 billion to LE4.6 billion. Accordingly, Loans/Deposits dropped to 95.8 percent versus 100 percent at the end of June 2000.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)