Cairo – Mubasher: Union National Bank – Egypt (UNB) on Sunday reported a 23.6% year-on-year decline in net profit for the first quarter of 2018, recording EGP 60.04 million from EGP 78.5 million.

Net income climbed to EGP 214.05 million in the three-month period ended last March, from EGP 187.8 million in Q1-17, the bank said in a filing to the Egyptian Exchange (EGX).

It is worth noting that the bank’s financial indicators had shown that profits soared 111% to EGP 380 million in 2017, compared to EGP 180.5 million a year earlier.

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