Union National Bank-Egypt Q1 profits fall 23.6%

Union National Bank-Egypt (UNB) reported Sunday a 23.6 percent drop in first-quarter net profits, reaching 60.04 million Egyptian pounds ($3.4 million) from 78.5 million pounds during the same period in 2017.

Net income rose to 214.05 million pounds during the first three months ended in March 2018, compared with 187.8 million pounds during the same period a year earlier, bank said in a filing to the Egyptian Exchange (EGX).

The bank’s financial indicators had shown that profits soared 111 percent to 380 million pounds in 2017, compared to 180.5 million pounds in 2016.

Interest revenues increased to 2.7 billion pounds last year, versus 1.7 billion pounds a year ago.