Adopted by the General Assembly of Banque Misr during its meeting held, Thursday, 30th of January 2014, the financial statements for the fiscal year ended on June 30, 2013, have shown that the bank achieved the highest profits in its history for the fourth year in a row.
For FY 2012/2013, Banque Misr posted total profits, before tax, of EGP 3.383 billion, with 39.5% growth rate compared to the past fiscal year. Net profits recorded EGP1.161 billion in 6/2013 compared to EGP 709 billion in 6/2012, with 63.7% growth rate after taxes worth EGP 2.223 billion.
Despite the current economic challenges and their reflections upon the banking sector, Banque Misr succeeded to attain such profit rates. Client deposits increased with 26.3 billion EGP this year to record EGP 188.8 billion versus EGP 162.5 billion in 30th of June 2012, with 16.2% increase.
The financial position totaled EGP 218.2 billion in 30/6/2013, compared to EGP 187.8 billion last year, with 16.1% growth rate. Loan portfolio for clients and banks netted EGP 49.4 billion in 30/6/2013 versus EGP 44.1 billion last year, with 11.9% growth rate.
Banque Misr cared to twirl the investment portfolio, involving in new participation, aiming to increase its contribution in some companies. The bank’s direct investments in 176 companies reached EGP 9.2 billion in 30/6/2013, compared to EGP 8.2 billion in 30/6/2012.
Worth mentioning, Banque Misr achieved the highest profits ever by the time it could finalize the allocations gap, despite the burdens after acquiring Banque Du Caire. The bank reforms Banque Du Caire with EGP billion per year along 6 years which in turn showed positive reflections upon Banque Du Caire’s market share and its current performance.
This year, Banque Misr bears EGP 614 million, which represents the liabilities of medical treatments for current employees and retirees loaded upon the expenses of the fiscal year 2012/2013.
Banque Misr always seeks enhancing its position in Egypt’s banking sector through meeting the various needs of its clients as well as improving the offered products. The bank had recently offered “Al Ekhteyar” saving certificate in both EGP and USD. The certificate is issued with 1000 EGP/USD and its increments. The certificate enjoys a competitive rate of compound return starts from the issuance date. The certificate’s return is being distracted at the end of the certificates period with the paid purchasing value. The client can take a loan till 90% of the certificate’s whole purchasing value.
The bank also offered “Sharekaty” saving certificate which is considered a vital method for improving the companies’ savings. The certificate is being issued with EGP 100000 and its increments, for legal persons through two issuances (3 years and 5 years). The certificate enjoys a fixed competitive return along its period. The return’s due date varies from one month to a year effective from the certificate’s purchasing date. The revenue is being added automatically to the client’s current account.
Within the framework of Banque Misr's expansion plan, the bank had inaugurated 8 new branches during 2013. It had recently extended the network of its branches to reach 495 branches along Egypt through inaugurating two new branches (Dahab Branch and Al Mostaqbal branch in Ismailia). Banque Misr is the first bank in Egypt that owns the largest number of branches and the second bank in Egypt in terms of the number of offered ATMs, of 1103 ATMs in 30/12/2013 compared to 1023 AMTs by 30/6/2013, with an increase posted 15.2% compared to the last year. The bank is also considered the first one in terms of the volume of transactions that are being carried out for other bank clients.
Bank’s retail portfolio reached EGP 4.3 billion in 6/2013 versus EGP 2.9 billion in 6/2012 with 48.3% growth rate. The number of issued payment cards on the other hand recorded 2.36 million cards by the end of 6/2013 therefore; the bank occupies the second position with 16% market share in the field of payment cards branded by both VISA and Master Card. The bank is also the most known for collecting traders transactions through e-payment cards.
The sites of traders who contracted with the bank for e-payments reached 11500 sites by 6/2013 and so, the bank ranks first with 30% market share in this sector especially as it provides the latest POS machines matching with the latest international standers (PCI DSS).
The bank also occupies the first position of mechanizing the salaries of state employees with the Ministry of Finance, seizing a 42% market share. The value of state’s transferred salaries recorded EGP billion in 6/2013 versus EGP 3.1 billion in 6/2012 with 72% growth rate.
Banque Misr funds small and medium-sized enterprises through its branches spread all over Egypt for all industrial, agricultural and service areas. Growth rate of SMEs credit portfolio during the fiscal year 2012/2013 reached 83%. This was a result of the bank’s continuing support for the SMEs sector as well for the micro projects in order to fight unemployment and to participate in improving the society. The loans offered from Banque Misr for these activities ranged from EGP 1000 to EGP 50000.
Banque Misr is one of the leading national banks, which provides funds for any project targeting supporting the national economy. During the past year, the bank was able to arrange around 7 syndicated loans and direct finance for giant projects with EGP 15.7 billion total finance volumes. This is considered one of the largest processes in the banking sector since 1/7/2012 until 30/6/2013. Banque Misr managed to cover EGP 4.3 billion of the total process. The bank had also expanded in funding sectors of strategic importance for the Egyptian economy included petrochemicals, specialized contracting, agricultural, medications and medical services, building materials, food & beverage and fertilizers sectors.