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UNB Egypt boasts 83% increase in profits in Q1 2019 - Daily News Egypt

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UNB Egypt boasts 83% increase in profits in Q1 2019

Bank aims to increase growth rates in coming period due to its optimistic outlook on Egyptian economy

The Union National Bank-Egypt (UNB) posted a net profit growth of 83% in the first quarter (Q1) of this year, recording a net profit of EGP 110m, up from EGP 60m in Q1 of 2018.

The bank said in a statement that the net income from the revenue rose from EGP 214m in Q1 of 2018 to EGP 232m in Q1 of 2019, a growth rate of 9%.

The bank’s customer loans and facilities portfolio increased by 5% and customer deposits increased by 8%.

According to the bank, the financial position increased to EGP 34.6bn during Q1 of this year, a rise of 7%, compared to December 2018.

It pointed out that this balanced growth achieved by the bank in Egypt confirms its success in enhancing its position in the banking market by offering the best services to meet all customer needs.

The bank said it aims to increase growth rates in the coming period in a way that reflects its optimistic outlook on the Egyptian economy, especially within the framework of the current economic reform plan and the stability of the political situation in the country.

It explained that the bank’s strategy for the coming period is aimed toward growth, through the use of the latest means to support banking services, to reach all segments of customers and facilitate their access to banking services faster and more efficiently, while continuing to pay attention to the training and development of staff skills.

Furthermore, it added that the bank is keen to contribute to the financing of several economic projects serving the Egyptian economy, which are funded by Egyptian banks in various vital economic fields and activities.

Concerning retail services, the bank has continuously developed its products to meet the needs of its customers and has the lead in providing the best banking service to them.

The bank stressed that it attaches great importance to the small and medium-sized enterprises, which are the growth engine, for their role in the development of local industries and the employment of labour, especially the youth. This is in addition to the bank’s keenness to train workers to meet the needs of this vital sector, noting that other countries that relied on such projects had taken a leading role in pushing the economy and development forward.

UNB Egypt is the first bank in Egypt to receive the Integrated Management System which focuses on safety systems, environment and customer service, by Lloyd’s Register Quality Assurance (LRQA).

Topics: Banking Egypt

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