Cairo – Mubasher: Union National Bank Egypt (UNB) on Monday said that it has allocated EGP 94.5 million in a risk reserve of IFRS 9 for 2017 profits.

According to the Central Bank of Egypt’s (CBE) instructions, the reserve will bolster the bank’s financial position to face the anticipated increase in allocations, as it accounts for about 1% of total credit risk amounted to EGP 9.4 billion at the end of 2017, UNB said in a filing to the Egyptian Exchange (EGX).

UNB also 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 in profits a year earlier, the lender said.

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