According to the statement of income of Bank Audi’s Egyptian subsidiary, net profit for Q1 2017 fell by 26.54% year-on-year (y-o-y) to $11.74M. The decrease was driven by a 36% annual rise recorded in Administrative Expenses which reached $10.97M.
The subsidiary’s balance sheet revealed an increase of 2.13% in total assets to $3.14B from the beginning of the year. Loans and facilities to customers slipped by an incremental 1.11% year-to-date (YTD) to $1.65B.
Customers’ deposits declined by 2.4% YTD to stand at $2.48B, while total equity managed to register an uptick of 1.08% to reach $261.77M.
Bank Audi Egypt – Financials Q1 2017 (in 000s of US$)
|Loans and Facilities to Customers||1,649,154||1,667,599||-1.11%|
|Net Profit for the Year||11,736||*15,976||-26.54%|
(*) Value of March 2016.
Conversion from EGP to USD done on the basis of 1$ = 17.95 EGP
Source: Bank Audi, Beirut Stock Exchange