The financial activities of Egypt’s Mohandes Bank during the financial year 2001 resulted in balanced expenditures against revenue. FY01, which ended December 31, 2001, has witnessed the bank’s net interest income dropping to a 3.3 million Egyptian pounds ($708,000) loss, down from the EP17.8-million profit reported the previous year. Net banking income dropped from EP94.7 million in FY00 to EP81.1 million the following year.
Founded in 1979, Mohandes is a commercial bank operating with an authorized capital of EP300 million. The bank’s board is scheduled to hold its ordinary and extraordinary general assemblies next month to increase in its capital to EP500 as well as to approve the FY01 financial statements. Mohandes Bank’s principle shareholders include the Engineers Syndicate's Pensions Fund with 32.1 percent, the National Investment Bank (NIB) with 12.5 percent and the Suez Canal Authority's Insurance Fund with a 10 percent stake. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
