UNB Registers 16.6% Irregular Loans and 23% Increase In Foreign Deposits

Union National Bank Egypt’s irregular loans registered 16.6% or EGP 399.6 million of the total volume of loans portfolio which is EGP 2.402 billion at the end of 2011.

UNB’s customers’ deposits in local currency declined by 4.2% reaching EGP 2.479 billion at the end of 2011 because of a retreat of EGP 505 million in deposits of some banks and funds and an increase of EGP 397 million in sustained deposits. Besides, deposits in foreign currency reached EGP 839.099 million with an increase of 23.3%.

Bank’s deposits in local currency registered 74.7% and its deposits in foreign currency registered 25.3% of the total volume of customers’ deposits which reached EGP 3.318 billion at the end of 2011.

UNB’s achieved EGP 17.5 million net profits in 2011, compared with EGP 14.08 million in 2010 with an increase of 24%. In addition, Bank’s financial position was boosted by 0.5% or EGP 20.2 million reaching EGP 4.521 billion, compared with EGP 4.501 billion in 2010.

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