Wednesday, February 18, 2009

HSBC Egypt 2008 Net Up 28.5 Pct At $209 Mln

HSBC Bank Egypt, a subsidiary of HSBC, made a net profit of 1.184 billion Egyptian pounds ($209 million) in 2008, the stock exchange said in a statement on Tuesday.

The annual profit was 28.5 percent higher than in 2007, it added. The financial year run from January to December.

London-based HSBC owns more than 90 percent of HSBC Bank Egypt, according to the subsidiary's website. ($1 = 5.5699 Egyptian pounds).