Cairo – Mubasher: Union National Bank – Egypt (UNB) on Sunday reported a 22.6% year-on-year drop in its net profit for the first nine months of 2018.

The bank generated EGP 213.17 million in profits for the nine-month period ended September, from EGP 275 million in the year-ago period, according to a filing to the Egyptian Exchange (EGX).

Revenues increased to EGP 2.6 billion at the end of September, from EGP 1.9 billion in the same nine-month period of 2017.

It is worth noting that the bank previously posted EGP 136.2 million in profits for the January- June period of this year, versus EGP 156.1 million in the corresponding period a year earlier.

In the first half of 2018, UNB Egypt achieved EGP 1.6 billion in revenues, against EGP 1.19 billion in H1-17.