Bank Audi – Egypt has revealed that its total assets rose to EGP 85.6bn at the end of 2020, compared to EGP 75.3bn at the end of 2019. The latest figures represent an increase of EGP 10.3bn, and a growth rate of 13.7%.
According to a statement from the bank, the loan and facilities portfolio for customers recorded EGP 30.3bn at the end of December 2020. This compared to EGP 26bn at the end of December 2019, reflecting an increase of EGP 4.3bn, and a growth rate of 16.5%.
The bank’s financial statements revealed a surge in financial investments, reaching EGP 34bn in December 2020, compared to EGP 17.6bn in December 2019, an increase of 93%.
This was reflected in the EGP 241m increase in net profit before taxes, to record EGP 2.1bn at the end of December 2020. It compared to EGP 1.8bn at the end of December 2019, an increase of 16.7%, despite the consolidation of the burden of impairment from credit losses by more than 51% over the year 2019.
The customer deposits portfolio recorded EGP 75.3bn at the end of December 2020, compared to EGP 65.5bn at the end of December 2019, an increase of EGP 9.8bn, or 15%.
The total equity of Bank Audi – Egypt reached EGP 8bn at the end of December 2020, compared to EGP 7.1bn at the end of December 2019, an increase of 12.7%.
According to the financial statements, the net income from returns reached EGP 3.1bn in December 2020, compared to EGP 2.8bn in December 2019, an increase of 11%.
Mohamed Bedir, CEO and Managing Director at Bank Audi – Egypt, said that 2020 was full of challenges that the bank’s employees were able to transform into opportunities for success.
This took place through a careful study of market requirements, and realising the needs for new financial products and services of different sectors, in line with the circumstances caused by the novel coronavirus (COVID-19) pandemic.
Bedir added that the bank has continued its efforts to take advantage of commercial opportunities in small- and medium-sized enterprises (SMEs) assets. It has largely been through the very small business loan (VSBL) programme for companies with an annual turnover of EGP 50m.
At the same time, the move has helped the bank increase its current portfolio of customers in this sector to 858, with the additional growth to VSBL portfolio at 31%.
He pointed out that the auto loan sector witnessed a remarkable growth in its portfolio by 53%, to reach nearly EGP 3bn.
According to Bedir, the bank’s Islamic finance sector has achieved positive results in the recent period. The volume of deposits reached nearly EGP 3.9bn, an increase of EGP 745m.
The financing amounted to EGP 1bn, as well as a diversified portfolio of banking products that are in compliance with the provisions of Sharia. It has been provided through four Islamic branches in Mosadak, Haram, Miami, and 6th of October.
He pointed out that for the first time in the bank’s history, the Islamic finance sector invested an amount of EGP 50m in one of the recently issued sukuk in Egypt. Bank Audi – Egypt is treating this as the essence of a huge portfolio of sukuk.