According to financial statements released by Bank Audi, the bank’s Egyptian subsidiary recorded a 25.08% yearly rise in net profits to $14.7 million by March 2018 despite the increase in administrative expenses by an annual 16.25% to reach $12.8 million by March 2018.
Net interest income grew by an annual 27.32% to $27.8 million and net income from fees and commissions rose by a yearly 14.51% to $7.4 million by March 2018.
As for the subsidiary’s balance sheet, it revealed a drop of 0.14% annual in total assets to $3.11 billion mainly due to the decrease in the bank’s holding of Treasury bills and other governmental notes by a yearly 32% to $239.4 million by March 2018. Meanwhile, the number of loans and facilities to customers is up by 7.57% to reach $1.8 billion by March 2018.
As for total equity, it registered a 3.06% annual increase to $319.9 million by March 2018.
Bank Audi Egypt – Financial Highlights
| USD | 31-Mar | 31-Mar | YOY |
| Total Assets | 3,109,073,467 | 3,113,546,805 | -0.14% |
| Loans and facilities to customers | 1,764,555,962.95 | 1,640,417,833.93 | 7.57% |
| Customers’ Deposits | 2,646,838,108.71 | 2,643,604,181.31 | 0.12% |
| Total Equity | 319,929,610.83 | 310,441,757.20 | 3.06% |
| Net Profit for the Year | 14,703,979.35 | 11,756,081.08 | 25.08% |
| Other Operating Income | (795,779.46) | (634,679.24) | 25.38% |
| Administrative Expenses | (12,771,991.18) | (10,986,565.96) | 16.25% |
Source: Bank Audi
Figures converted to USD based on 1 USD = 17.92 EGP