The financial results of Banque du Caire during the first quarter (Q1) of this year showed that the bank recorded a profit of EGP 1.5bn, before taxes, compared to EGP 921m in Q1 of 2018.
The bank’s net profit after taxes rose to EGP 1.2bn against EGP 407m in the comparison period, a growth of over 200%.
The bank’s financial position continued to record positive new growth indicators, bringing the total assets to EGP 176bn in Q1 of 2019, an increase of 5% compared to December 2018.
The bank’s total loan portfolio rose by EGP 3.3bn to EGP 69bn, an increase of 5% compared to 2018, ranging between the corporate loan portfolio, which grew to 4.8%, and the retail banking portfolio, which grew 5.1% and the small and medium-sized loan portfolio which achieved growth of 8.5%.
The deposit portfolio increased by EGP 7bn to reach EGP 138bn, an increase of 5% compared to December 2018.
According to the bank’s performance indicators, the bank’s net income increased by 58%, compared to Q1 of 2018, to reach EGP 2bn in Q1 of 2019.
The net margin of return increased to 5.2% on average in Q1 of 2019, compared to 3.9% in Q1 of 2018. Net income from fees and commission increased by 53% to EGP 333m.
The Q1 of 2019 witnessed an improvement in the bank’s efficiency rate, which measures administrative expenses on the net revenues of the activity, reaching 35.5%, compared to 44% in Q1 of 2018.
Chairperson and CEO of Banque du Caire, Tarek Fayed, said that the results achieved by the bank during Q1 of 2019 are a continuation of the positive results achieved by the bank in 2018.
He added that these results were achieved following the implementation of the bank’s integrated development plan, which represents a major turning point in the bank’s strategy at all work levels, foremost of which is the development of IT systems and operations and the centralisation of the banking services to become more efficient, along with the development of the bank’s branches across Egypt and abroad.
Fayed stressed that the credit of these achievements is due to the employees of Banque du Caire, who represent the real wealth. He pointed out that the bank pays great attention to developing their skills and raising their efficiency through various training programmes, especially those related to the use of the latest technological and digital means, in addition to hiring distinguished expertise to achieve an advanced position in the market commensurate with the size and prestige of the bank.
In the same context, Banque du Caire succeeded in launching several initiatives in the area of social responsibility over the past years aimed at achieving sustainable development in various sectors, primarily training, employment, job creation, education, health, nutrition, medical and scientific research, as well as village development initiatives, convoys, and initiatives to empower women, youth, and others.
According to Fayed, the strategy of Banque du Caire focuses on taking into account the social dimension in all policies and procedures.
In April 2019, Banque du Caire announced the launch of the bank’s new identity and brand, which represents a new era in the bank’s history, reflecting the sophistication and innovation of its policies.
According to Fayed, the focus of the bank’s development is on building a strong infrastructure, the implementation of internet projects, mobile banking for companies and individuals, developing electronic products, and launching new banking products and services, with plans to open 30 new branches with the new identity.
In recognition of its achievements, Banque du Caire has received numerous awards from international institutions, including the Best North African Joint Loan and the Best Financing Award in 2018 from the EMEA Finance. The International Finance Magazine also announced that Banque du Caire was named the Best Bank in International Banking in 2019.