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Banque du Caire marks profits of EGP 3.3bn in 2016, up 18% from 2015: chairperson - Daily News Egypt

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Banque du Caire marks profits of EGP 3.3bn in 2016, up 18% from 2015: chairperson

Bank’s profits are operating profits resulting from the expansion of all banking activities:  El Zahid

Banque du Caire achieved a profit of EGP 3.3bn at the end of December 2016, versus EGP 2.8bn in 2015, according to Mounir El Zahid, chairperson and CEO of the bank.

El Zahid explained that net profit after taxes amounted to EGP 2.2bn, noting that the bank return on equity marked 50%.

He added that the bank’s profits were concentrated in the core activity of the bank, with net income at the end of the 2016 fiscal year registering EGP 5bn, up from EGP 3.9bn at the end of 2015.

According to El Zahid, the most important distinguishing feature of Banque du Caire’s profits is that they are operating profits that resulted from the expansion of all banking activities. He pointed to the bank’s implementation of a set of policies and procedures related to the development of activities, enhancing the bank’s competitiveness and setting controls related to the offering of its products in order to maximise its role in economic development and meet clients needs.

He added that the size of the bank’s assets grew by EGP 40bn to reach EGP 131bn in 2016, compared to EGP 91bn in 2015. The return on the average assets was about 2%.

Moreover, El Zahid said that the total volume of the loan portfolio amounted to about EGP 45bn at the end of 2016, up by EGP 10bn. He attributed the increase to the simplification of the work procedures of the branches, the speed of meeting the needs of the customers, and improving the level of service the bank offers, which led to attracting new parties to deal with the bank and expand in granting loans to many institutions that contributed to increasing the portfolio, along with unlocking access to small loans.

He also pointed out that the bank’s deposit portfolio has increased by EGP 29bn, marking a growth rate of 37%, to jump from EGP 78bn to EGP 107bn, due to the bank’s issuing a new variety of innovative products in local and foreign currency commensurate with the needs of different customers. He noted that the loans to deposits ratio reached 42%.

Finally, El Zahid said that net revenues from the bank’s core activity of net return and commission rose to approx EGP 5.8bn, compared to EGP 4.7bn in 2016, on the back of the increase in loans, bonds, and revenues from treasury bills.

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