Bank Audi Egypt profits slide 7% in 2Q2020

EARNINGS WATCH- Bank Audi Egypt reported a 7% dip in net profits in 2Q2020 to EGP 650.8 mn, down from EGP 700.6 mn in 1Q2019, according to the bank’s earnings release (pdf). The bank’s net interest income dipped marginally to EGP 1.41 bn during the quarter from EGP 1.40 bn last year. The bank’s Egypt unit accounts for almost 16% of the group’s total profits in 1H2020, Bank Audi Egypt’s CEO Mohamed Badir told Al Mal. The Lebanese bank announced plans to exit the country in January amid financial turmoil in its home country. On-again-off-again talks with First Abu Dhabi Bank — which began earlier this year before being temporarily shelved due to covid-19 — were revived last week.