Ahli United Bank-Egypt delayed launching its second mutual fund “Alpha Fund” to the third quarter of the current year instead of the second quarter, waiting the scene to be clearer after the presidential elections.
Sources at the Bank said the fund targets investing in shares and that necessitates a state of political stability to guarantee achieving its strategy which is providing cash liquidity and boosting return on investments.
The Bank targets to meet the standards set by external auditors. The Bank also expects a written approval from the Egyptian Financial Supervisory Authority by the beginning of May.
AUB assigned Cairo Holding for Financial Investments to manage the fund. Alpha Fund’s capital is EGP 25 million. “Wealth Fund” is the first mutual fund launched by AUB in the first quarter of the current year which invested in fixed-income instruments and the annual return on which has recently jumped to 10%.
AUB- Egypt reported a 19% increase in net profit, which is equal to EGP 31 million, as it registered EGP 195 million in 2011 up from EGP 164 million in 2010.
The Bank’s deposits increased by EGP 2.6 billion, as they registered EGP 10.7 billion in 2011, up from EGP 8.1 billion in 2010. The loans portfolio registered EGP 6 billion in 2011.
