Egypt’s banks doing well but exposed to shifts in political fortunes - FT.com

Egypt’s banks doing well but exposed to shifts in political fortunes - FT.com:

"Businesses have shut down, foreign investors have scurried away, credit-risk agencies cannot seem to slash the country’s bond ratings fast enough. Yet despite nearly three years of political turmoil that has included the overthrow of two governments – along with domestic economic troubles and the impact of the global financial crisis – Egypt’s banking sector is performing well.
Last month, Faisal Islamic Bank reported profits equivalent to $53m, up 31 per cent on the same period last year and National Société Générale Bank reported fiscal year 2013 profits of E£950m, up from E£786m in 2012 “with decent growth across all the revenue streams,” the bank said. Crédit Agricole Egypt and Commercial International Bank reported profits as well."

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