After recording net profits of EGP 39.2 bn At 9M-2023, What are the most profitable geographical sectors from Banque Misr's net profit?
Mai El-Kafoury
Banque Misr achieved record net profits growth over the past year, jumping its net profits by 121.7%, registering EGP 39.2 bn during the first 9M of last year, compared to EGP 17.7 bn during the same period in 2022, with an increase of EGP 21.5 bn.
These record results are due to the record growth of the bank's net profits within Egypt, rising to EGP 35 bn in the first 9M of 2023, compared to EGP 17.4 bn in the same period from 2022, with a growth of 101.7% and an increase of EGP 17.7 bn, from its 822 branches and banking units located in Egypt.
Banque Misr's branches in the Greater Cairo sectors had the greatest impact on this significant jump, with net profits of EGP 39.3 bn during the first 9M of 2023, compared to EGP 15.1 bn during the same period in 2022, with a growth of 159.8% and an increase of EGP 24.2 bn.
While the bank achieved net losses from its existing branches in Alexandria, Sinai and Delta sectors, which reached EGP 6.5 bn during the first 9M of 2023, compared to net profits of EGP 558 mn during the same period in 2022.
As for its net profits from Upper Egypt sectors, it jumped to EGP 2.3 bn during the same period in 2023, compared to EGP 1.7 bn during the same period in 2022, with a growth of 34.32% and an increase of EGP 578 mn.
In terms of net profits outside Egypt, it also succeeded in achieving strong growth, jumping to EGP 4.2 bn in the first 9M of 2023, compared to EGP 332 mn in the same period of 2022, with a growth of 1167.8% and an increase of EGP 3.9 bn, from its five branches in the United Arab Emirates and its branch in Paris City.
The bank's net profits from its branches in the United Arab Emirates rose by 1340.7%, reaching EGP 4 bn in the first 9M of 2023, compared to EGP 278 mn in the same period in 2022, with an increase of EGP 3.7 bn.
As for its net profits from its Paris branch, it rose to EGP 204 mn in the first 9M of 2023, compared to EGP 54 mn in the same period from 2022.
