AUB achieves EGP 195 million profit

Ahli United Bank Egypt said that profit rose by 19% to EGP 31 million, as it reached EGP 195 million in 2011, compared with EGP 164 million on last year.

Nevine El-Mesery, the bank’s CEO , said that the Bank’s strategy in 2012 is expanding in local market, noting that Central bank of Egypt approved for them to establish 9 new commercial branches.

AUB has currently 28 branches spread across Egypt and it opened a branch, one of the 9 approved branches, in 10th of Ramadan City. There will be also branches in Grand Hayat Hotel, Alexandria and Nasr City. The 5 remaining branches’ sites are not decided till now. AUB plans to establish a branch in Minya in the future. AUB also plans to have a license to offer Islamic banking services.

Increasing return on AUB’s investment funds contributed in raising deposits portfolio by EGP 2.6 billion in 2011, from EGP 8.1 billion a year earlier. Loan portfolio registered EGP 6 billion in 2011, El-Mesery said after the Conference made to launch AUB’s first investment fund “Wealth fund”, investing in short-term fixed income instruments.

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