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Home»News»Banque du Caire continues to generate outstanding profits for the 2nd successive year reaching EGP 1.7 billion in 2013
 
 
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Banque du Caire continues to generate outstanding profits for the 2nd successive year reaching EGP 1.7 billion in 2013 

11 Aug, 2014 
 
 
 

For the 2nd successive year, Banque du Caire achieves record profits amounting to EGP 1.7 billion in the fiscal year 2013 compared to EGP 1.4 billion in 2012 with a 22.48%  increase equivalent to EGP 0.3 billion.

 

Moreover, net profits after taxes reached EGP 1.042 billion achieving a return on equity of 31.96% which is considered optimal in the banking industry. Also, net interest income increased by EGP 0.6 billion in 2013 to reach EGP 2.9 billion against EGP 2.3 billion in the fiscal year 2012.

Mr. Mounir El Zahid, Chairman and Chief Executive Officer commented that Banque du Caire's profits resulted from the main banking business, it came from applying a bundle of enhanced policies and procedures related to the development of core banking activities, as well as, setting stringent rules and regulations for the launch of new products and services that aim to emphasize the bank's role in economic development in addition to meeting and satisfying the customers' needs.

El Zahid added that the bank's profits reached these rates as a result of the increase in assets by EGP 9 billion to reach EGP 65 billion in the fiscal year 2013 compared to EGP 56 billion in the fiscal year 2012. The return on assets reached 1.72% as the result of the bank's strategy of focusing solely on the most appropriate policies that achieve the best returns on assets.

Mr. Mounir declared also that the total loans portfolio/balances reached EGP 25 billion against EGP 22 billion in 2012 with a 3 billion increase, stating that this increase came as a result of the restructuring and simplification of the work procedures within the branch network, enrichment of the services being offered to the customers, granting of loans to various institutions that contributed to the overall improvement of the portfolio, in addition to the expansion of the bank's retail activities and the micro finance loans.

With regards to the deposits portfolio, Mr. Mounir stated that the portfolio grew by a 18% increase of EGP 9 billion to jump from EGP 49 billion to EGP 58 billion by end of 2013 due to the launch of several new products including various types of certificates of deposit in local and foreign currency to satisfy the different needs of the diverse customer segments within the local market. Also, loans to deposits ratio reached almost 42.82% against 42.77% in the fiscal year 2012.

Moreover, total revenues from the core banking business represented interest income and fees and commissions reached EGP 3.4 billion compared to EGP 2.7 billion in 2012's through the increase of interest related to loans, treasury bills and bonds.

The increased Profits has been reflected in the increase of the return on the shareholders' equity that reached 31.96% compared to 27.50% during 2012, where the bank achieved a total gross profit of EGP 1.7 billion against EGP 1.4 billion 2012 due to the concerted efforts of 7,399 employees in Banque du Caire, also, the bank has paid taxes to the state of EGP 0.8 billion in 2013 against EGP 0.4 billion in 2012.

 
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