A 65.8 percent drop was reported in the net income of the Egyptian Gulf Bank in the first quarter of the financial year 2002, which ended March 31. In 1Q02, the bank’s net income totaled 3.34 million Egyptian pounds ($712,000), down from the EP9.76 million realized in the corresponding period the previous year. Profits were brought down by 69 percent drop in net interest income, reaching EP1.99 million in 1Q, compounded by a 76 percent slump in Foreign Exchange gains, at EP1.97 million. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
