Banque Misr reported net profit of EGP5.5bn for FY2015-16, an increase of 31% Y-o-Y compared to EGP4.2bn in FY2014-15 ending June. The bank’s AGM may approve the transfer of EGP900mn portion of profits to the Ministry of Finance and retain the remaining EGP4.6bn earnings in order to boost the bank's capital adequacy ratios, according to sources. The bank will likely not pay dividends this year, like NBE, as the Central Bank of Egypt (CBE) instructed state-owned banks to retain earnings in order to shore up their capital base post EGP devaluation. (Al Mal)
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