ICEC

UNB deposit portfolio rose by EGP 3.3 bn by the end of 2011

Total deposits of Union National Bank (UNB) rose by 2% by the end of 2011, so the deposit portfolio reached EGP 3.318 billion, compared with EGP 3.269 billion by the end of 2010.

Total loans and credit facilities increased to be EGP 2.402 billion, compared with EGP 2.099 billion for the same period, meaning the increase rate is 14%.

Loan-to-deposit rate recorded about 72.4% by the end of 2011. Bank’s unaudited results revealed a retreat in the bank’s reserves by 4% for the same period, reaching EGP 123.3 million, compared with EGP 128.7 by the end of 2010.

The bank board approved in its meeting yesterday the bank unaudited results of the past financial year ended on December 31st 2011. The bank achieved EGP 17.507 million net profits, compared with EGP 14.084 million in 2010 as the growth rate reached 24%.

The board also called for a ordinary general assembly to consider its agenda schedule for March 31st 2012, as well as an extraordinary general assembly to discuss the fifth article of the main system, so as to implement the Islamic banking system in the UNB and considering the bringing past resolutions related to the real estate company into effect.

Amwal Alghad

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