Net Profit of Bank Audi’s Egyptian Subsidiary Reached $14.7 Million in Q1 2018

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

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