Union National Bank Egypt Approves Financial Statements For 2012

Union National Bank-Egypt’s general assembly approved the bank’s financial statements, board of director’s report for the bank’s activities and financial position as well as the auditors’ report on financial statements for 2012.

The bank’s general assembly discussed conducting Islamic banking transactions and amending the statute’s article no. 5 after receiving the Central Bank of Egypt’s approval.

The financial statements showed that the bank’s portfolio of loans and credit facilities rose EGP 633 million to reach EGP 3.1 billion at the end of 2012, compared to EGP 2.4 billion at the end of 2011. The corporate loans rose to EGP 2.3 billion in 2012, up from EGP 1.9 billion in 2011. The retail loans surged to EGP 704 million in 2012, compared to EGP 470 million in 2011.

The bank’s net profit hiked EGP 15.2 million (87%) to reach EGP 32.7 million at the end of 2012, compared to EGP 17.5 million in 2011. The bank’s capital reached EGP 637 million as of the end of last year.

The bank has increased its debt provision by EGP 33.3 million in 2012 amid the current economic turmoil.

The bank has recently inaugurated two new branches in 10th of Ramadan City and Sixth of October City, raising the number of its branches to 30, in addition to having 47 ATMs.