Beltone Financial returned to the red in 2Q 2022, recording EGP 109.4 mn in net losses after making a EGP 4.7 mn profit in the same period last year, according to its consolidated financials (pdf). Revenues were down 1% to EGP 82.7 mn during the April-June quarter despite interest income rising by a third due revenues from fees and commissions sliding 34%.

REMEMBER- Beltone is under new management: Chimera Investments replaced Orascom Financial Holding as Beltone’s controlling shareholder earlier this month after purchasing its 56% stake at EGP 1.485 per share. CEO Ibrahim Karam was replaced by former investment minister and Masar chairwoman Dalia Khorshid the following week.

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