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Banque du Caire’s NIAT jumps 200% to EGP 2.5bn end-2018 - Daily News Egypt

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Banque du Caire’s NIAT jumps 200% to EGP 2.5bn end-2018

Last year was turning point in bank’s performance, says bank’s chairperson


The business results of Banque du Caire revealed achieving profit before tax (PBT) of EGP 3.9bn by the end of 2018, compared to EGP 2.3bn in 2017, while the bank’s net income after taxes (NIAT) reached EGP 2.5bn, compared to EGP 800m, with a growth rate of 200%.

According to Tarek Fayed, the chairperson and CEO of the bank, the last year was a turning point in the bank’s performance, as it came with a number of achievements in various fields for the bank.

According to the bank’s performance indicators in 2018, the total assets reached EGP 165.7bn with a 13% increase compared to 2017.

The total loan portfolio in the bank increased by EGP 21.4bn, reaching EGP 66bn, with a 48% increase compared to 2017.

The bank’s corporate loans portfolio also increased in 2018 by 90% compared to 2017, the SMEs portfolio by 105%, retail banking by 14%, micro loans by 100%, and real estate funding by 90%.

The deposits portfolio increased by EGP 9bn to EGP 141bn, with a 7.5% increase compared to 2017. The Net Interest Income achieved an increase of 38% compared to 2017, reaching EGP 6.5bn, while the net interest margin (NIM) increased to 4.7% on average in 2018, compared to 3.8% in 2017. The total income from fees and commissions increased by 29%, reaching EGP 1.1bn.

The last year has also seen an improvement in the bank’s efficiency ratio, which measures the bank’s overhead as a percentage of its revenues, reaching 40%, compared to 48% in 2017.

According to the bank’s indicators, the average return on assets (ROA) reached 1.7% by the end of 2018, compared to 0.6% in 2017. While the average return on equity (ROE) reached 22.4%, compared to 9.6% in 2017.

According to Fayed, the development plan adopted by the bank is based on several axes, most importantly the development of its human resources, infrastructure, and core banking system.

He added that the plan also includes implementing internet and mobile banking for companies and individuals, in addition to developing e-products and launching new banking services, most prominently “Meeza card”, in addition to launching a service to collect the payments of credit cards and installments of all kinds electronically.

He pointed out that the bank plans to open 20-25 branches annually over the next three years. It also plans to open a digital branch this year.

According to Fayed, the bank has opened a representative office in the UAE. It has also obtained the approval of the Central Bank of Egypt (CBE) to acquire the Cairo International Bank in Kampala, Uganda, with the aim of expanding in East Africa.

He added that over the past years, the bank has managed to launch many initiatives that aim to achieve sustainable development in all sectors, most prominently, training, employment, education, health care, food, medical research, developing villages, and women and youth empowerment.

Fayed stressed that the bank’s strategy is based on considering the societal dimension in all its measures and policies.

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https://www.dailynewsegypt.com/2019/03/31/banque-du-caires-niat-jumps-200-to-egp-2-5bn-end-2018/
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