CAIRO: Ahli United Bank (Egypt) saw net profit increase 27.5 percent in fiscal year 2008, “the highest performance of the bank since its inception in 1978, according to a statement released Tuesday.
The bank’s net profit totaled LE 183.1 million, up from last year’s LE 143.6 million.
“We continue to focus on developing the business in a conservative and sustainable manner, James Goold, CEO and managing director of Ahli United Bank (Egypt), said.
Net operating income reached LE 337.5 million, up 31.9 percent from last year, while total assets grew to LE 7.3 billion, a 25.9 percent increase.
Loans to customers surged 64 percent to LE 4.1 billion, which was attributed primarily to an increase in deposits to reach LE 5.5 billion, the bank said. Last year’s total deposits came in at LE 3.9 billion.
“In the present conditions, marked by the unprecedented global credit crisis and an increasingly challenging business environment, our focus on risk management and customer service is intended to allow the business to grow without exposing our shareholders to unacceptable levels of risk, Goold said.
Fitch and S&P recently affirmed AUB’s credit rating as stable.
