Home»News»Banque du Caire profits soar by 215% over one year

Banque du Caire profits soar by 215% over one year 

27 Oct, 2013 

Banque du Caire's 2012 gross profits jumped by 214.84% compared to 2011's profits, where the total profits amounted to EGP 1.4 billion compared to EGP 0.4 billion in 2011. Moreover, net profits after taxes reached EGP 830 million achieving a return on equity of 27.5% which is considered optimal in the banking industry. Also, net interest income increased by EGP 804 million to reach EGP 2,270 million against EGP 1,466 million in the fiscal year 2011.

The radical transformation of 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.

Mr. Mounir El Zahid, Chairman and Chief Executive Officer declared that the bank's profits reached these rates as a result of the increase in assets by EGP 7 billion to reach EGP 56 billion in the fiscal year 2012 compared to EGP 49 billion in the fiscal year 2011. The return on assets reached 1.58% as the result of the bank's strategy of focusing solely on the most appropriate policies that  achieve the best returns on assets.

El Zahid added that the total loans portfolio/balances reached EGP 21 billion against EGP 17 billion in 2011 with a 4 billion increase, stating that this increase came as a result of the restructuring and simplification of the work procedures within the branch network, as well as the granting of loans to various institutions that contributed to the overall improvement of the portfolio.

With regards to the deposits portfolio, Mr. Mounir stated that the portfolio grew by a 12% increase of EGP 5 billion to reach EGP 49 billion by end of 2012 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 41.90% against 36.64% in the fiscal year 2011.

Moreover, total revenues from the core banking business represented interest income and fees and commissions reached EGP 2.66 billion compared to EGP 1.76 billion in 2011'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 27.5% compared to 1.67% during 2011, where the bank achieved a total gross profit of EGP 1.4 billion against EGP 0.4 billion 2011 due to the concerted efforts of 7,357 employees in Banque du Caire, also, the bank has paid taxes to the state of EGP 548 million in 2012 against EGP 394 million in 2011.


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