Profits of Bank Audi’s Egyptian Subsidiary Slips by 26.54% y-o-y to $11.74M in Q1 2017

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 Customers1,649,1541,667,599-1.11%
Total Assets3,137,2893,071,9362.13%
Customers’ Deposits2,476,0392,536,947-2.40%
Total Equity261,773258,9721.08%
Net Profit for the Year11,736*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

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