Banque Du Caire seen an increase in net profits by 7% in 9M-22

Banque du Caire (BdC), Egypt’s third largest state-owned lender, reported on Monday an 11 percent year-on-year growth in profit before tax in the first nine months of the year.

Pre-tax profit recorded 4.8 billion Egyptian pounds ($194.5 million) at the end of September 2022 from 4.3 billion pounds in the same period last year.

Net profit also rose 7 percent year-on-year to 2.9 billion at the end of September 2022 from 2.7 billion pounds in the same period in 2021.

Net interest income stood at 9.2 billion pounds at the end of September from 7.7 billion pounds in the same period last year, marking a 19 percent growth, the bank added in a statement.

Total assets surged 16 percent year-on-year to 297 billion pounds at the end of September 2022 from 255 billion pounds at the end of December 2021.

The composite capital adequacy ratio stood at 15%, while the bank’s return on average shareholders’ equity recorded 18.5%.

The total loan to for customers and banks increased by about EGP19 billion, to reach EGP129 billion by the end of September 2022 with a growth rate of 17%.

However, total loans to corporates and banks increased to reach EGP 63.3 billion at the end of the third quarter of 2022, compared to EGP 54.4 billion at the end of 2021, with a growth rate of 16%.

In addition, the total SMEs portfolio reached EGP 15.6 billion at the end of September 2022, compared to EGP 11.7 billion at the end of 2021, with a growth rate of 33%.

Furthermore, The retail loans portfolio increased by EGP 5.1 billion pounds, with a growth rate of 13% over FY 2021, bringing the total portfolio to EGP 43.5 billion pounds by Q3-22.

Moreover, the micro-loan portfolio increased to EGP6.63 billion by Q3-22 , compared to EGP5.58 billion at the end of 2021, with a growth rate of 19% which lead to an increase in the number of beneficiaries by 16.3% during the same period.

Banque du Caire has also joined the shareholders of IBAG, the agent of Western Union in Egypt, after it purchased a stake in Banque Misr and Al-Ahly Capital Company - the investment arm of the National Bank of Egypt.

This is a strategic partnership that comes as a continuation of the leadership of these banks in receiving transfers from workers abroad, as well as for IBAG, with its agency for Western Union, being one of the oldest operating companies in Egypt in receiving international transfers.

Banque du Caire decided to buy a part of the shares from IBAG company, bringing the total share of the three banks together to 40%, and the share of the original shareholder, “Serhank Group” to 60%.