Bank Audi S.A.E., the Egyptian affiliate of Bank Audi S.A.L., published its unaudited financial statements conveying a 6.52% y-o-y increase in its net after tax profits to EGP 1,088.94 million ($67.00 million) in the first nine months of 2019, up from 1,022.29 million ($57.36 million) during that same period last year. In details, net interest income soared by 20.31% on an annual basis to EGP 2,099.65 million ($129.18 million), with net commission & fee income increasing by 1.59% to EGP 404.84 million ($24.91 million) and impairment charges on credit losses contracting by 15.02% to EGP 108.66 million ($6.69 million). This outweighed the 7.10% y-o-y expansion in administrative expenses to EGP 741.49 million ($45.62 million) and the sizeable increase in other operating expenses to EGP 291.56 million ($17.94 million). On the balance sheet front, Bank Audi S.A.E.’s consolidated assets widened by 4.87% during the first nine months of the current year to just over EGP 71.73 billion ($4.41 billion), mainly driven by the 95.16% hike in placements with banks to nearly EGP 5.57 billion ($342.85 million). Loans and facilities to customers, on the other hand, contracted by 14.09% to around EGP 26.79 billion ($1.65 billion). On the liabilities side, customer deposits rose by 4.61% YTD September to EGP 61.88 billion ($3.81 billion), with the ratio of net loans to customer deposits dropping to 43.29%, compared to 52.72% at year-end 2018. The bank’s shareholders’ equity expanded by 1.79% in the first nine months of 2019 to EGP 6.85 billion ($421.48 million), from EGP 6.73 billion ($376.50 million) at end of 2018.