Bank Audi – Egypt has reported profits before tax (PBT) of EGP 975m during the first half (H1) of 2020.
The bank’s net profit recorded EGP 651m in this period, reflecting its continued achievement of growth, despite the challenges brought on by the novel coronavirus (COVID-19) pandemic.
According to a statement released by the bank, Bank Audi – Egypt’s total assets by the end of June 2020 reached about EGP 77bn, with its property rights rising to EGP 7bn. As a result, it recorded a capital adequacy rate of 24.98%, reflecting its financial efficiency and its ability to expand investments and financing.
Bank Audi – Egypt’s CEO Mohamed Bedir said, “The bank’s positive indicators solidify its presence in the Egyptian banking market and support its expansion plans in the country.”
He explained that the bank’s retail banking portfolio amounted to nearly EGP 9bn in June 2020, compared to nearly EGP 8bn in December 2019, an increase of 13%.
The bank’s deposits portfolio recorded nearly EGP 67bn in June 2020, compared to EGP 66bn in December 2019, an increase of 2%.
Bedir added that during 2020, the bank has worked towards supporting the Egyptian economy by participating in a number of initiatives launched by the Central Bank of Egypt (CBE).
Bank Audi – Egypt has been keen on providing facilities as part of the CBE initiative to finance the industry, Bedir said. The bank has provided about EGP 8.2bn as part of the initiative by the end of June 2020. It is also currently studying a number of other financing facilities, which are planned to fall within the initiative, Bedir added.