Bank Audi S.A.E., the Egyptian affiliate of Bank Audi S.A.L., published its unaudited financial statements conveying an 18.91% y-o-y contraction in its net after tax profits to EGP 264.33 million ($16.79 million) in the first quarter of 2020, down from EGP 325.97 million ($18.80 million) during that same period last year. In details, net interest income fell by 4.21% on an annual basis to EGP 664.32 million ($42.20 million), while net commission & fee income increased by 4.33% to EGP 139.66 million ($8.87 million). On the other hand, impairment charges on credit losses plummeted to EGP 124.89 million ($7.93 million) in Q1-2020 compared to a write-back of EGP 9.58 million ($0.55 million) in Q1-2019, while administrative expenses expanded by 10.68% y-o-y to EGP 278.99 million ($17.72 million). Concurrently, the bank managed to trim other operating expenses by 75.97% to EGP 36.19 million ($2.30 million). On the balance sheet front, Bank Audi S.A.E.’s consolidated assets narrowed by 0.53% during the first quarter of the current year to just below EGP 74.87 billion ($4.76 billion), mainly driven by the 26.08% contraction in placements with banks to nearly EGP 16.42 billion ($1.04 billion) and the 22.78% drop in cash and balances with the Central Bank of Egypt to EGP 5.31 billion ($0.34 billion), both outweighing the 36.22% hike in financial investments to EGP 23.92 billion ($1.52 billion). Loans and facilities to customers, on the other hand, rose by 1.99% on a quarterly basis to around EGP 26.45 billion ($1.68 billion). On the funding side, customer deposits fell by 0.69% YTD March to EGP 65.04 billion ($4.13 billion), with the ratio of net loans to customer deposits increasing to 40.67%, compared to 39.60% at year-end 2019. The bank’s shareholders’ equity expanded by 2.26% in the first quarter of 2020 to EGP 7.31 billion ($464.39 million), from EGP 7.15 billion ($445.85 million) at end of 2019.