Bank Audi Profits Jump to $350.33M in 2014

Bank Audi recorded a 15.03% jump in its profits for 2014 to $350.33M, owing to the 32.15% surge in net fee and commission income to $247.22M. Operating expense also increased by 21.68% to $730.46M. The statement of financial position showed a 15.93% growth of total assets to $41.96B, where net loans and advances to customers at amortized costs climbed 16.79% to $17.09B. On the liabilities side, customers’ deposits at amortized costs increased by 15.84% to $35.44B. Shareholders’ equity surged 23.99% to $3.34B. Bank Audi’s gross doubtful loans to gross loans ratio stood at 3.1% in 2014 while the capital adequacy ratio registered 13.7% as per Basel III requirements.

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