The financial results of Bank Audi Egypt showed a surge in profits by 221% during last year on the back of FX gains, according to a statement issued on Monday.
Net annual profits reached EGP 1.88 billion in 2016 compared to EGP 586 million in the year before.
Total adjusted net profit grew 40% in the previous year, totalling EGP 734 million without calculating the effect of floating the Egyptian pound and freeing exchange rates.
Mohamed Abbas Fayed the bank’s managing director and CEO said that total assets amounted to EGP 55.1 billion by the end of December, and EGP 45.1 billion by excluding the FX effects, with an actual increase rate of 21% year-on-year.
The statement also noted that client deposits went up to EGP 45.5 billion by the end of 2016, or EGP 39.4 billion excluding the FX effects, rising by 23% compared to the year before.
