Cairo – Mubasher: Union National Bank – Egypt posted higher profits during the second quarter of 2016 (Q2-16), according to its unaudited financial results.
The bank earned EGP 50 million ($5.6 million) in Q2-16, higher 28% year-over-year from EGP 39 million ($4.4 million), the bank reported in a bourse filing on Monday.
On a six-month basis, its earnings jumped 33% to EGP 90.1 million during the first six months of the fiscal year 2016, compared with EGP 71.75 million for the year-ago period.
Moreover, deposit portfolio increased by 33% year-over-year to EGP 6.56 billion and loan portfolio also moved up to EGP 6.56 billion from EGP 5.68 billion.
According to FY16 first quarter's financials, the bank registered EGP 40.04 million profits compared with EGP 32.91 million profits for the year-ago quarter.
