Cairo – Mubasher: Union National Bank Egypt (UNB) on Monday posted a 111% year-on-year hike in profits for 2017 due to a growth in interest revenues.

Net profit reached EGP 380 million last year, compared to EGP 180.5 million profits a year earlier, the bank said in a filing to the Egyptian Exchange (EGX).

Interest revenues increased to EGP 2.7 billion in the year ended December 2017, versus EGP 1.7 billion in the year before.

UNB’s profits surged 68% to EGP 275 million in the first nine months of 2017, compared to profits of EGP 163.5 million in the corresponding period of 2016.

Moreover, interest revenues stood at EGP 1.9 billion in the nine-month period of 2017, against EGP 1.18 billion in the same period a year ago.