Bank Audi-Egypt seen 16.7% in net profits during 2020

Bank Audi – Egypt has seen net profit before taxes of 2.1 billion pounds at the end of December 2020 with an increase of 16.7 percent, despite the consolidation of the burden of impairment from credit losses by more than 51 percent over the year 2019.

The bank has revealed that its total assets rose to 85.6 billion pounds at the end of 2020, compared to 75.3 billion pounds at the end of 2019. The latest figures represent an increase of 10.3 billion pounds, and a growth rate of 13.7 percent.

According to a statement from the bank, the loan and facilities portfolio for customers recorded 30.3 billion pounds at the end of December 2020. This compared to 26 billion pounds at the end of December 2019, reflecting an increase of 4.3 billion pounds, and a growth rate of 16.5 percent.

The bank’s financial statements revealed a surge in financial investments, reaching 34 billion pounds in December 2020, compared to 17.6 billion pounds in December 2019, an increase of 93 percent.

The customer deposits portfolio recorded 75.3billion pounds at the end of December 2020, compared to 65.5 billion pounds at the end of December 2019, an increase of 9.8 billion pounds, or 15 percent.

The total equity of Bank Audi – Egypt reached 8 bn pounds at the end of December 2020, compared to 7.1 billion pounds at the end of December 2019, an increase of 12.7 percent.

According to the financial statements, the net income from returns reached 3.1 billion pounds in December 2020, compared to 2.8 billion pounds in December 2019, an increase of 11 percent.

Mohamed Bedir, CEO and Managing Director at Bank Audi – Egypt, said that 2020 was full of challenges that the bank’s employees were able to transform into opportunities for success.

This took place through a careful study of market requirements, and realising the needs for new financial products and services of different sectors, in line with the circumstances caused by the novel coronavirus (COVID-19) pandemic.