Arab Banking Corporation Says Net Profit Jumps To EGP 28.6 Bln – Q1

Arab Banking Corporation (ABC) has recorded net profit of EGP 28.6 million, by the first quarter of the current year, 332.9% higher representing a raise worth EGP 22.07 million, compared to EGP 6.6 million posted during the same period last year.

ABC’s financial statements showed a decline in the bank’s volume of the t-bills investments by 8.7% (EGP 146.8 million), as it eventually hit EGP 1.5 billion by the end of last March, opposed to 1.6 billion by the end of 2012.

Furthermore, the volume of loan and facilities portfolio also fell by 15%, a decrease worth EGP 319.8 million, as it eventually reached EGP 1.8 billion by March-end, compared to EPG 2.1 billion by 2012-end.

The volume of ABC’s deposit portfolio recorded EGP 4.8 billion by March-end, compared to EGP 4.7 billion by 2012-end, achieving a growth rate of 3.1% worth EGP 149.8 billion.

Also by March-end, ABC’s total assets rose to EGP 6.5 billion, 3.9% higher of EGP 245.1 million, opposed to EGP 6.2 billion by 2012-end.