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