The Banker names Banque Misr Bank of the Year in Egypt 2018

05-12-2018 01:16 PM

Fady Labib


Banque Misr has been named the Bank of the Year in Egypt for the year 2018 in the rankings published by The Banker, an international magazine owned by The Financial Times Ltd.

Banque Misr was honoured during a celebration held by The Banker in London on 29 November 2018, held to announce the winners of prizes for best performance from among the world’s financial institutions for this year.

Receiving the prize on behalf of Banque Misr was its Chairman Mohamed Eletreby, in the presence of a number of representatives from prestigious international financial institutions, as well as VIPs from the world over.

The title reflects the confidence in Banque Misr’s superior performance and its position as a model institution, having been selected by The Banker from among the best institutions based on the rankings of elite experts in the field.

The ranking process was based on a set of standards relating to the bank’s financial standing and its policies to increase diversity in the work environment. Banque Misr showed distinguished performance over the three years that were reviewed by the magazine, in terms of adopting sustainable policies, growth in profits and assets, and support for financial 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 the BMVIP service for important customers, as well as playing a key role in consolidating the national economy in Egypt.

During the celebration, Mr Mohamed Eletreby said: “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.

“We at Banque Misr do not seek financial profit alone; rather, we also work as a catalyst for national growth and strategies, affirming our commitment to sustainability and continuous development.

“This title is a mark of distinction for about 15,000 employees who give their best to meet the needs of customers, and to achieve leadership in customer service and all banking areas in the various markets in which we operate, to achieve sustainable development.”

Financial indicators for Banque Misr’s business in fiscal year 2016/2017, which were assessed by The Banker, exhibited a sizeable leap and steady growth 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 rached 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 social responsibilities, 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 also fthe first State-owned bank to be accredited according to the Global Reporting Initiative (GRI) standards for sustainability. It also issues its business report in accordance with the principles of sustainability by taking into consideration governance and human rights, combating corruption, social inclusion and environmental safety standards. The bank also adheres to the UN Global Compact standards for citizenship (corporate social responsibility).

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