Bank of Alexandria: Profits Fall 2.2% in 9 Months

The Bank of Alexandria (BOA), one of the largest banks in Egypt, reported a decline in its 9-month profits by 2.2% to EGP 504.9 million, against EGP 516.4 million for the same period in 2012.

BOA’s loan portfolios and credit facilities rose slightly to reach EGP19.7 billion at the end of the third quarter of 2013, compared to EGP19.4 billion at the end of the last year, move up by 1.6% (EGP314.6 million).

The financial statements of the bank revealed that the investments of  treasury bills and government securities reached EGP10.3 billion at the end of September 2013, against EGP9.9 billion in December 2012, move up by 3.5% (EGP347.3 million ).

While the total value of the Bank’s assets fell by EGP40.3 billion at the end of the third quarter of 2013, against EGP41.1 billion in 2012-end, registering 1.9% (EGP795.9 million) decline.

The portfolio of the customer’s deposits reduced with0.06% EGP18.8 million, recording EGP33.447 billion at the end of Q3 of 2013, compared to EGP33.466 billion in December 2012.