Presentation of Banque Misr Paris

History of Banque Misr Paris

Ayman FODA, General Manager and
Shérif FARAGUE, Deputy General Manager
welcome you to the site of Banque Misr Paris.


Since it was founded in 1920 by Tala'at Harb, Banque Misr has played an important role in the economic revival of a country that has become a model for the region.

With the agreement of the main financial institutions, the decision to open the Paris branch was taken in 1984. A first branch was opened in 1922 in rue Danielle Casanova (formerly called rue des Petits Champs).

Like the executive team, the branch is staffed by Egyptian and French experts. They fully represent Banque Misr Cairo and its determination to develop trade and investments, especially between Egypt and France.



Banque Misr Paris in figures

Foreign Bank Branch in Paris
Head Office: 9 rue Auber - 75009 PARIS
328 961 826 R.C.S. PARIS
Accounting Period: 1 January to 31 December

FINANCIAL STATEMENTS AS ON 31 DECEMBER 2016
(in thousand of euros)


ASSETS       2016             2015      
Cash, central banks, C.C.P. 288 206  14 772 
Government securities and similar instruments 189 640 
Loans to credit establishments 518 760  1 103 285 
Clients transactions 88 462  75 993 
Shares and other variable yield stocks 39 230  101 605 
Tangible assets 299  297 
Other assets 1 429  1 001 
Equalisation Accounts 2 791  9 002 
TOTAL ASSETS 1 128 819  1 215 956 

LIABILITIES       2016             2015      
Debts owed to credit establishments 71 747  482 468 
Clients transactions 835 903  515 743 
Other liabilities 159  108 
Equalisation Accounts 7 909  11 718 
Risk and charges provisions 32 631  30 238 
Subordinate debts 75 428  74 620 
General Banking Risk Reserve (G.B.R.R) 4 000 
Equity capital (Without G.B.R.R) 101 042  101 061 
Subscribed capital 100 000  100 000 
Regulated and subscribed investments provisions 26  25 
YEAR RESULT 1 016  1 035 
TOTAL LIABILITIES 1 128 819  1 215 956 

OFF BALANCE SHEET. Given liabilities.
Financing Liabilities, 2016: 30 140,   2015: 55 612
Surety bonds, 2016: 104 101,          2015: 98 484

PROFIT AND LOSS ACCOUNT     2016         2015    
Interests and assimilated products 14 169  8 786 
Interests and assimilated charges 4 520  2 823 
Commissions (products) 4 130  3 291 
Commissions (charges)
Profits and losses on negociation portfolio operations 4 416  4 154 
Profits and losses on investments and Profit and losses on investment and assimilated operations
Other banking products 63  57 
Other banking charges 1 551  544 
NET BANKING PRODUCT 16 707  12 921 
General operating charges 6 588  6 419 
Appropriations to accumulated depreciation and to tangible and intangible assets 112  117 
NET OPERATING INCOME 10 007  6 385 
Risk cost -2 386  -4 697 
OPERATING INCOME 7 622  1 687 
PRE-TAX INCOME 7 622  1 687 
EXTRAORDINARY ITEM
Tax on profits 2 608  651 
Appropriations carried forward on FRBG and provisions required by law -4 000 
NET INCOME 1 016  1 035 


ANNEX TO THE BALANCE SHEET AND TO THE PROFIT AND LOSS ACCOUNT

The 2016 financial statements are established in compliance with the provisions laid down in law No. 91-01 of the Banking Regulation Committee. The accounting principles and methods used have remained unchanged. The total balance before distribution at 31/12/2016 stands at €1,128,819. Net income for 2016 is €1,016,143.


AUDITORS' REPORT

(Closed annual account as at 31/12/2016)

Within the frame of the execution of the mission which was entrusted to us by your General Manager, we are hereby presenting our report concerning the financial year ending 31 December 2016 relating to :

- Control of the annual accounts of BANQUE MISR, as attached to this report
- Justification of our assessment

The financial statements were approved by the General Management and it is within our duty that we express our opinion on the basis of this audit.

I - Opinion on the annual accounts

We conducted our audit in accordance with applicable professional standards in force in France; those standards that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit involves performing procedures, using sample techniques or other methods of selection, to obtain audit evidence about the amounts and disclosures in the financial statements. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made, as well as the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

In our opinion, the financial statements give a true and fair view of the assets and liabilities and of the financial position of the Company at 31 December 2016 and the results of its operations for the year then ended in accordance with French accounting principles.

II - Justification of our assessments

In accordance with the requirements of article L 823-9 of the Commercial Code relating to the justification of our assessments, we inform you the following assessments:

Accounting estimates
Depreciation of accounts receivable:

As indicated in the parts A and 2 of the appendix of the financial statements, the Company establishes depreciations in order to cover the credit risk that may jeopardize the activities. In the context of our assessment of significant estimations for the accounts closing, we examined the control system related to the credit risk follow up and on the counterparts, the collection risk assessment and the credit coverage in assets by using the depreciations on an individual basis.

Country risk provisioning and social commitments:
The company establishes provisions to cover the social commitments and country risk. We examined the assessment methods of the commitments as well as the hypothesis and the used parameters. We also checked the appropriateness of the information provided by the part 2 of the appendix.

These assessments relate in particular to the accounting principles followed and significant estimates adopted as well as the presentation of the financial statements, taken as a whole.


Paris, on 9 June 2017

The statutory auditors


SOFIDEEC Baker Tilly                               RSM Paris

Pierre FAUCON   Younès BOUJJAT             Etienne de BRYAS




Misr Paris Charter

Our expertise and our knowledge of the Egyptian and French economy make us the principal actor for your operations.

  We can advise you and bring you practical assistance in any egyptian economical sector.

  We are interested in any commercial project between Egypt, France or Europ.

  Confidentiality, professionalism and loyality are the key words when dealing with our clients.

Legal Information | Contact Us | Site Map | Credits | Glossary