Net Profit of Bank Audi’s Egyptian Subsidiary Reached $14.7 Million in Q1 2018

According to financial statements released by Bank Audi, the bank’s Egyptian subsidiary recorded a 25.08% yearly rise in net profits to $14.7 million by March 2018 despite the increase in administrative expenses by an annual 16.25% to reach $12.8 million by March 2018.

Net interest income grew by an annual 27.32% to $27.8 million and net income from fees and commissions rose by a yearly 14.51% to $7.4 million by March 2018.

As for the subsidiary’s balance sheet, it revealed a drop of 0.14% annual in total assets to $3.11 billion mainly due to the decrease in the bank’s holding of Treasury bills and other governmental notes by a yearly 32% to $239.4 million by March 2018. Meanwhile, the number of loans and facilities to customers is up by 7.57% to reach $1.8 billion by March 2018.

As for total equity, it registered a 3.06% annual increase to $319.9 million by March 2018.

Bank Audi Egypt – Financial Highlights

Total Assets                       3,109,073,467                                   3,113,546,805-0.14%
Loans and facilities to customers      1,764,555,962.95         1,640,417,833.937.57%
Customers’ Deposits      2,646,838,108.71         2,643,604,181.310.12%
Total Equity          319,929,610.83            310,441,757.203.06%
Net Profit for the Year            14,703,979.35               11,756,081.0825.08%
Other Operating Income                (795,779.46)                  (634,679.24)25.38%
Administrative Expenses          (12,771,991.18)            (10,986,565.96)16.25%

Source: Bank Audi

Figures converted to USD based on 1 USD = 17.92 EGP

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