Bank Audi Egypt Says Q1 Net Profit Retreats to EGP111.4 million

Bank Audi – Egypt, a member of Lebanon’s Audi Saradar Group, reported a fall in net profit for the first quarter of 2014 by EGP 10.3 million year-on-year to register around EGP 111.4 million (US$15.6 million).

In Q1/2013, Bank Audi Egypt posted a net profit of EGP 121.7 million (US$17 million).

The results further showed that Bank Audi-Egypt witnessed a decline in total loans and credit facilities by EGP 221.1 million to reach EGP 10.563 billion by end of March 2014, versus EGP 10.784 billion by end of December 2013.

On the other hand, the bank’s total deposits surged by EGP 1.9 billion to hit EGP 21.677 billion at March-end, compared to EGP 19.772 billion at December-end.

In addition, Audi Bank Egypt’s investments in treasury bills and bonds by end of March 2014 have totalled EGP 4.418 billion, opposed to EGP 4.784 billion at December-end.

Meanwhile, the total assets surged by EGP 1.96 billion to hit EGP 24.617 billion by March-end, against EGP 22.649 billion at December-end.