Bank Audi SAE, operating in Egypt, recorded a 31.85% growth in its net profits to EGP 586.28M (equivalent to $74.86M). This was triggered by the 33.56% and 37.06% increases in net interest income and net income from fees and commissions to EGP 1.09B (equivalent to $139.74M) and EGP 290.46M (equivalent to $37.10M), respectively.
The bank’s balance sheet displayed a 21.87% surge in total assets to EGP 37.26B (equivalent to $4.76B), as loans and facilities to customers augmented by 46.08% to EGP 18.46B (equivalent to $2.36B). This increase in loan facilities is mainly due to the CBE’s (Central Bank of Egypt) stimulus program for small and medium Enterprises (SME) which involves encouraging banks to increase their lending to reach 20% of their portfolio in the next 4 years.
On the liabilities side, customers’ deposits widened 17.91% to EGP 32.05B (equivalent to $4.10B).
Bank Audi SAE Financial Highlights (EGP)
Source: Bank Audi Website