Union National Bank Egypt Eyes 172% Increase In Net Profit In 2013

Union National Bank – Egypt’s board of directors approved the bank’s budget for 2013, which targets to increase net profit by 172% by next year.

The board plans to raise net loans and credit facilities by 43%, assets by 15% and deposits by 15% in 2013.

The board also reviewed the performance of the bank’s branches and approved a number of policies including governance and prevention of conflict of interest as well as disclosure and transparency principles.

Union National Bank – Egypt’s results for the first nine months of 2012 showed that the bank’s net profit after tax rose by 5% to reach EGP 24.396 million, compared to EGP 23.3 million.