Bank Audi- Egypt increased net profit by 24% in 2019

Bank Audi – Egypt reported an increase in its net profits to EGP 1,403 BN by the end of the fiscal year 2019 compared to EGP 1,267 BN for the same period last year. Net profits after excluding the effect of foreign exchange changes on the paid–in capital in foreign currency recorded EGP 1,554 billion in December 2019, compared to EGP 1,251 billion with a 24 per cent increase.

Mohamed Bedier, Managing Director of Bank Audi – Egypt, commented, "The bank succeeded in maximising its profits during the past year, based on several factors, "including the diversity of sources of income to ensure operations' sustainability and providing the best banking services and products in the Egyptian market while offering the best customer services through bank's channels," according to a statement from the bank.

During 2019, the bank witnessed an increase in the number of its branches reaching to 53 branches across various governorates in Egypt through inaugurating seven new branches, the largest number of new branches since Bbnk's acquisition on Cairo Far East Bank in 2006. Bank Audi - Egypt will open two new branches during the first quarter of 2020. Additionally, the number of ATM machines reached 168 during February 2020.

Furthermore, the net interest income rose by 16.8 per cent to EGP 2,782 billion in December 2019 compared to EGP 2,383 billion at the end of the fiscal year 2018. In addition, total assets increased by 10 per cent to EGP 75,265 billion compared to EGP 68,401 billion in 2018.

Moreover, Customer Deposits reached to EGP 65,494 billion by December 2019 ompared to EGP 59,149 billion in December 2018 with an increase of 10.7 per cent. As for the capital, it reached EGP 7,149 billion in December 2019 compared to EGP 6,730 billion by the end of December 2018 with a growth of 6.2 per cent.