Bank Audi’s Subsidiary in Egypt Posts 58% y-o-y Growth in Profits for Q1 2016

Bank Audi SAE, operating in Egypt, recorded a 58% yearly growth in its net profits to EGP 286.78M (equivalent to $32.31M). This was triggered by the 18.64% and 21.93% y-o-y increases in net interest income and net income from fees and commissions to EGP 889.96M (equivalent to $100.22M) and EGP 85.26M (equivalent to $9.6M), respectively.

The bank’s balance sheet displayed a 0.56% year to date uptick in total assets to EGP 37.46B (equivalent to $4.22B), as loans and facilities to customers augmented by 10.81% over the same period to EGP 20.45B (equivalent to $2.30B). 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 shrank 0.36% since year start to EGP 31.94B (equivalent to $3.60B), while total equity inched up by 3.15% (y-t-d) to EGP 2.77B (equivalent to $311.60M).

Bank Audi SAE Financial Highlights (EGP Billion)

 Q4 2015Q1 2016% change
Net Profits (Million)181.73268.7857.81%
Total Assets37.2637.460.56%
Loans & Facilities to customer18.4620.4510.81%
Customers’ Deposits32.0531.94-0.36%
Total Equity2.682.773.15%

 

*As of 31 March, 2015

Source: Bank Audi Website, BSE

Leave a Reply

Your email address will not be published. Required fields are marked *