Cairo – Mubasher: Union National Bank – Egypt (UNB Egypt) reported a 59% year-on-year profit hike during 2019, the bank’s unaudited financial results showed.
Net profits after taxes leapt to EGP 429.283 million last year from EGP 270.11 million in 2018, the lender said in a statement to the Egyptian Exchange (EGX) on Sunday.
Meanwhile, the bank’s interest income rose by 5% to EGP 3.883 billion in 2019, compared to EGP 3.696 billion in the previous year.
Deposits dropped by 6.9% year-on-year to EGP 25.576 billion last year from EGP 27.484 billion, while loans fell by 2.1% to EGP 13.341 billion from EGP 13.63 billion in 2018.
It is noteworthy that during the first nine months of 2019, UNB Egypt’s net profits hiked to EGP 283.9 million from EGP 213.17 million in the year-ago period.