The newly released statement of income by Bank Audi’s Egyptian subsidiary revealed a 40% yearly surge in net profit from $42.84M for the period ended September 2014 to $59.87M for the period ending September 2015.
Higher profit was a result of higher net interest income and higher net income from fees and commissions. Net Interest income grew by a yearly 28% to $99.78M while net income from fees and commissions surged by a yearly 42% to $27.64M.
According to its balance sheet, the subsidiary’s total assets also grew by 25% since year-start to $4.98B with loans and facilities to customers registering a 26% year-to-date growth to $2.08B by September. On the liabilities’ side, Customer deposits went up by 24% since year start to reach $4.38B by September and total equity nudged up by 1% to $330M at the end of September.
Financial Highlights for Bank Audi’s Egyptian Subsidiary, End of September 2015
In Millions of USD | 30/09/2015 | 31/12/2014 | % chg. |
Loans and Facilities to Customers | 2,075.00 | 1,643.00 | 26% |
Total Assets | 4,981.00 | 3,974.00 | 25% |
Customer Deposits | 4,382.00 | 3,533.00 | 24% |
Total Equity | 330.00 | 328.00 | 1% |
Net Profit for the Year | 59.87 | 42.84(*) | 40% |
(*): Value of 30/09/2014
Source: Bank Audi