Egypt's current account gap narrows, but overall BoP records deficit    Egypt's PM reviews debt reduction strategy, eyes more private investment    Egypt hosts international neurosurgery conference to drive medical innovation    Egypt, India discuss expanding industrial, investment partnerships    World Bank proposes Egypt join new global health initiative    Egypt's EDA discusses Johnson & Johnson's plans to expand investment in local pharmaceutical sector    I won't trade my identity to please market: Douzi    Sisi sends letter to Nigerian president affirming strategic ties    Egypt welcomes 25-nation statement urging end to Gaza war    Egypt, Senegal sign pharma MoU to unify regulatory standards    Egyptian pound ticks down in early Tuesday trading    Famine kills more Gaza children as Israel tightens siege amid global outrage    Kuwait's Crown Prince, Egyptian minister discuss strengthening cooperation    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Egypt's FM seeks deeper economic, security ties on five-nation West Africa tour    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt foils terrorist plot, kills two militants linked to Hasm group    Egypt, Somalia discuss closer environmental cooperation    Egypt exports 175K tons of food in one week    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, Uruguay eager to expand trade across key sectors    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Attijariwafa Bank profits exceed EGP 1.1bn at end-2017
Corporate, treasury retail sectors contributed much to increasing bank's activity, says Sakr
Published in Daily News Egypt on 24 - 03 - 2018

The performance indicators of Attijariwafa Bank Egypt revealed that the bank's net profit exceeded EGP 1.1bn at the end of 2017, compared to EGP 663m in 2016, marking a growth of 68%.
The bank attributed this increase to a rise in net return on income worth EGP 450m, accounting for 28%, due to a higher profit margin resulting from higher interest rates on its investments portfolio, as well as increasing the size of the portfolio of total customer loans worth EGP 2.7bn, up by 32%, while deposits grew by 18%, reaching EGP 3.2bn.
Net income from fees and commissions increased by 14% to reach EGP 44m.
According to the bank's Managing Director Hala Sakr, Attijariwafa has succeeded in implementing its development strategy in all sectors. The bank's team managed to increase the magnitude of its business and the institutional sector was able to follow the strategic growth policy, which boosted the clients' loans portfolio, after intensified participation in joint loans with the leading banks in these types of loans, as well as growth in development projects, in line with state policies.
Sakr added that the treasury sector has been able to increase its resources of foreign currencies by 100% compared to 2016, through signing a collaboration protocol with seven Egyptian foreign exchange companies, which led to doubling the sales and trading of foreign currencies.
The managing director added that the retail banking sector has also attracted new segments of customers, about 15,000 new clients, which increased its deposits portfolio through offering competitive interest rates.
"Capital adequacy scored 22% at the end of 2017, up from 16% in 2016, which confirms the solidity of the bank's capital base and its ability to grow in various business sectors and its readiness to apply International Financial Reporting Standard (IFRS) 9," Sakr said.
She added that this performance has had a significant impact on the added value of shareholders, as the average profit on equity increased to record 28% at the end of 2017, up from 20% in 2016. Average return on assets also scored 4.3%, up from 3% in 2016, while maintaining prudent risk management and a strict control environment.
According to Mohamed Sherif, executive board member and head of the financial and strategic transformation sectors of Attijariwafa Bank Egypt, the budget at the end of 2017 reached EGP 27.9bn, up 18%, which includes EGP 11.1bn in loans and credit facilities, which is up 32%, as well as EGP 21.6bn of deposits, up by 18%.
He added that the volume of investment in treasury bills amounted to EGP 4.9bn, with EGP 3.2bn in investments available for sale.
He explained that the bank continues to invest strategically in its infrastructure to move into the future, which led to increasing administrative expenses and operating expenses by 33% to reach EGP 984m at the end of 2017, compared to EGP 739m in 2016.
He pointed out that this increase in expenditure is small, taking into account the rate of inflation and devaluation of the local currency in addition to the application of a value added tax at 14%.
He added that despite these investments, the average cost of return decreased to reach 39% at the end of last year, compared to 46% in 2016.


Clic here to read the story from its source.