Bank Audi’s released financials indicated a rise in net profits of 11.66% year-on-year to reach $225.66M at the end of June 2016. As such, according to Bank Audi’s press release, the bank’s growth was mainly attributed to the “reinforcement of the earnings generation capacity of entities in Egypt and Turkey in line with the adopted strategic plan”. In fact, the respective yearly increases of 9.26% and 3.11% in net interest margin and net fee and commission income, which registered $498.64M and $129.63M, respectively, in H1 2016.
By the end of June 2016, Audi’s total assets reached $41.94B, decreasing 0.79% from the end of 2015. Net loans and advances to clients witnessed a 2.97% growth to $18.32B, while customers’ deposits lost 1.93% since year start to $34.47B. Total shareholders’ equity fell by 0.76% on year to date basis to $3.26B compared to $3.29B registered end of 2015.
The bank’s metrics point to healthy levels of liquidity, profitability and capitalization, where the return on average common equity stood at 14.9%. Also, primary liquidity to customers’ deposits ratio registered 45.9%, while the capital adequacy ratio as per Basel III, recorded 13.9%. Gross doubtful loans to gross total loans stood at 3.1%, “reaching 0.9% when deducting specific loan loss reserves, excluding collective provisions.”
Bank Audi Financial Results H1 (in $M)
| Jun-16 | Dec-15 | % change | ||
| Net Profit | 225.655 | 202.094* | 11.66% | |
| Total Assets | 41,937.53 | 42,270.41 | -0.79% | |
| Customer Deposits | 34,473.30 | 35,151.25 | -1.93% | |
| Shareholders’ Equity | 3,262.35 | 3,287.40 | -0.76% | |
| Loans and Advances to customers | 18,315.11 | 17,786.27 | 2.97% |
(*) June 2015 figure
Source: BSE