Banque Misr has been named the Bank of the Year in Egypt for the year 2018 in the rankings published by The Banker, the renowned international magazine owned by The Financial Times Ltd.
Receiving the prize on behalf of Banque Misr was Chairman Mr Mohamed Eletreby, in the presence of a number of representatives from prestigious international financial institutions, as well as VIPs from all over the world at the celebration held by The Banker in London on 29 November 2018.
Banque Misr showed distinguished performance over the three years that were reviewed by the magazine, in terms of adopting sustainable policies, the growth of profits and assets, and its support forfinancial inclusion efforts.
It also exhibited distinction in its focus of small and medium enterprises, the continuous development of services offered to customers by individuals and institutions and increasing the financial services offered to them. In addition, it received recognition for the launch of theBMVIP service for important customers, as well as playing a key role in consolidating the national economy in Egypt.
During the celebration, Mr Mohamed Eletrebysaid: “This honoring marks the crowning jewel for Banque Misr’s efforts and an affirmation of its pioneering role and its ongoing abilities to achieve an outstanding performance based on the factors it possesses for continued growth.
“Banque Misr was established with the purpose of playing a significant role in securing welfare and prosperity for Egypt.Over about 100 years, the bank has remained committed to its message, whereby the needs and benefits of Egyptians remain at the forefront of our concerns.
Financial indicators for Banque Misr’s business in fiscal year 2016/2017, which were assessed by The Banker, exhibited a sizeable leap with steady growth rates across all business sectors. The overall financial position of the banks climbed up to about EGP 787 billion by 30 June 2017, marking a growth of about 83% compared to the previous year.
Moreover, the return on average assets grew to 1.33%, and the total profits reached EGP 14.1 billion in the same year before tax deductions, marking a growth of 38.4% compared to the previous year. The net profit was EGP 8.2 billion, marking an increase of 48.5% after paying EGP 5.9 billion in taxes. Meanwhile, the return on average equity for the year recorded 16.31%.
Banque Misr is moreover considered one of the largest banks with a legacy in the field of corporate social responsibility and one of the most conscious institutions in terms of environmental and socialresponsibilities, as well as government regulations that fall within the responsibilities of the institutions. This compliments its performance standards and the long-term sustainability of its business. Banque Misr is the first state-owned bank to be accredited according to the Global Reporting Initiative (GRI) standards forsustainability.