HSBC Holdings Regulatory News (HSBA)

8 Dec 2006 15:27

HSBC Holdings PLC08 December 2006 The following is the text of an announcement by HSBC Bank Egypt, a 94.5 per centindirectly-held subsidiary of HSBC Holdings plc. HSBC BANK EGYPT THIRD QUARTER 2006 RESULTS - HIGHLIGHTS • Net profit of EGP431 million (US$75 million) for the nine months ended 30 September 2006 - up EGP159 million (US$28 million) or 58 per cent over the same period in 2005. • Customer deposits of EGP14.4 billion (US$2.5 billion) at 30 September 2006 - up EGP4.0 billion (US$0.7 billion) or 38 per cent over 30 September 2005. • Loans and advances to customers of EGP5.4 billion (US$0.9billion) at 30 September 2006 - up EGP1.9 billion (US$0.3 billion) or 54 per cent over 30 September 2005. • Total assets of EGP16.7 billion (US$2.9 billion) at 30 September 2006 - up EGP5.1 billion (US$0.9 billion) or 44 per cent over 30 September 2005. Results are prepared in accordance with Egyptian Accounting Standards, with figures denominated in Egyptian pounds (EGP). Commentary HSBC Bank Egypt recorded a net profit of EGP431 million (US$75 million) for thenine months ended 30 September 2006. This represents an increase of 58 per centover the EGP272 million (US$47 million) earned in the same period in 2005. Customer deposits increased to EGP14.4 billion (US$2.5 billion) at 30 September2006 from EGP10.4 billion (US$1.8 billion) at 30 September 2005. Loans and advances to customers increased to EGP5.4 billion (US$0.9 billion) at30 September 2006 from EGP3.5 billion (US$0.6 billion) at 30 September 2005. The bank's investment portfolio totalled EGP6.0 billion (US$1.1 billion) at 30 September 2006, from EGP3.1 billion (US$0.5 billion) at 30 September 2005. Notes to editors: 1. HSBC Bank EgyptHSBC Bank Egypt was established in 1982 as Hong Kong Egyptian Bank. InJanuary 1994, it was renamed Egyptian British Bank under the sameshareholding structure. It was rebranded HSBC Bank Egypt in April 2001following an increase in the HSBC Group's shareholding from 40 per cent toover 90 per cent of its issued share capital. HSBC Bank Egypt is one of thelargest multinational banks operating in Egypt providing a comprehensiverange of banking and financial services through a network of 25 branches and108 ATMs in Cairo, 6th of October City, Giza, Alexandria, Sharm El Sheikhand Hurghada. 2. HSBC Holdings plcHSBC Holdings plc serves over 125 million customers worldwide through some 9,500offices in 81 countries and territories in Europe, the Asia-Pacific region, theAmericas, the Middle East and Africa. With assets of US$1,738 billion at 30 June2006, HSBC is one of the world's largest banking and financial servicesorganisations. This information is provided by RNS The company news service from the London Stock Exchange