Bank Audi Egypt net profit rises 6.5% in Q3

Bank Audi Egypt, part of Lebanon’s Bank Audi, reported a 6.5 percent year-on-year rise in quarterly net profit on Thursday.

Net profit reached 1.089 billion Egyptian pounds ($68 million) in the third quarter ended in September from 1.022 billion pounds.

The bank’s capital adequacy ratio was 22.03 percent at the end of September, reflecting its high financial efficiency and ability to expand in investment and funding. Total assets were around 71.7 billion pounds.

Retail banking portfolio surged 16 percent to 7.3 billion pounds at the end of September from 6.3 billion at the end of December 2018.

Customers’ deposits registered 61.8 billion pounds in September, 5 percent up from 59 billion pounds in December last year.