AUB :Foreign transactions Contribute with EGP50 mln for Bank’s Profitability in 2013

An official source in Ahli United Bank (AUB) revealed that the board of directors of the bank achieved EGP50 million profits in 2013 from the total expected value which reached EGP285 million in the same period.

The source has informed Amwal Al Ghad in an exclusive that AUB has strong reporters abroad that contributed to attain the profitability and expansion of foreign transactions and business that have been launched in 2011.

The source explained that AUB approved to open letters of credit for Supply Commodities Authority (SCA) and some food firms worth US$2 billion in order to import materials and foodstuffs during 2013, noting that the total value of letters of credit that AUB has been opened for the petroleum sector registered are US$1 billion in 2013.

He asserted that the bank supported several vital sectors including foodstuff, medicines and petroleum, pointing out that the bank succeeded for alluring major customers in the trade market, especially the foreign trade finance will help to expand the marketing capacity through opening fresh markets inside the local products.