Banque du Caire’s net profits recorded a remarkable growth of about 29% to EGP 1.036bn in the first quarter (1Q) of 2023, compared to EGP 804m during 1Q 2022.
The bank’s profits before taxes recorded EGP 1.9bn in 1Q 2023, compared to EGP 1.4bn in 1Q 2022, with a growth rate of 31%. These positive results were supported by the growth achieved by the bank in its various banking activities.
According to the bank’s financial statements, net income from returns increased to EGP 3.9bn in March 2023, compared to EGP 2.8bn in March 2022, with a growth rate of 41%. Net income from fees and commissions increased to EGP 830m, compared to EGP 545m, with a growth rate of 52%. %, bringing operating revenues to EGP 4.9bn, compared to EGP 3.5bn, a growth rate of 38%.
Tarek Fayed, Chairperson and CEO of Banque du Caire, said that the strong performance achieved by the bank during 1Q of this year is a clear reflection of the strengths of Banque du Caire, supported by a wide network of branches covering various parts of the country, and the bank’s keenness on offering a diversified package of integrated banking services and products, especially digital products and services. The bank is also able to meet the needs of its customers to provide the best level of banking services to all customers.
Fayed stressed that investment in infrastructure is one of the main pillars of economic development for any organization aspiring to progress and its contribution to overall stability and sustainable growth. Therefore, the bank continued to invest in infrastructure and increase the volume of spending, especially technological and human, which acquired great importance from Managing the bank since 2018, with the aim of providing the best level of banking services to customers, indicating that the value of capital expenditures from 2018 until the end of March 2023 amounted to EGP 4.5bn.
The bank’s business results also showed a continued improvement in operational efficiency indicators, as the cost-to-income ratio declined from 44% during the first quarter of 2022 to 39% during the first quarter of 2023.
The financial indicators of Banque du Caire showed that the combined capital adequacy rate reached 15.23%.
Additionally, the bank’s customer deposits portfolio increased by nearly EGP 17bn, with a growth rate of 7%, to reach EGP 267bn in March 2023, compared to EGP 250bn in December 2022, and individual deposits accounted for about 55% of those total deposits, amounting to EGP 146bn, compared to EGP 135bn, an increase of EGP 11bn and a growth rate of 8%. Institutional deposits accounted for about 45% of total deposits, amounting to EGP 121bn, compared to EGP 115bn, an increase of EGP 6bn and a growth rate of 8%.
On the other hand, the loan portfolio for customers and banks increased by about EGP 10.9bn, reaching EGP 151.4bn in March 2023, compared to EGP 140.5bn in 2022, with a growth rate of 8%, bringing the ratio of loans to deposits to 56.7% by the end of March 2023.
According to a bank statement, the loan portfolio of major companies and banks increased by about EGP 9bn, reaching EGP 76bn in the first quarter of 2023, compared to EGP 67bn in 2022, with a growth rate of 13%.
The size of the financing portfolio for small and medium-sized enterprises amounted to EGP 17.7bn in 1Q 2023, while the number of business centers and units specialized in serving these companies reached 48 centers and business units covering all the country.
The microenterprise financing portfolio also recorded about EGP 8bn, compared to EGP 7.2bn, an increase of 11%. Moreover, the increase in the number of clients in the portfolio reached 9% during the first quarter of 2023.
The volume of the bank’s retail banking portfolio amounted to about EGP 49.7bn in March 2023, compared to EGP 47bn in 2022, an increase of 6%. The number of retail loans reached 646,000, and the number of electronic payment cards of all kinds reached about three million cards.
Banque du Caire had 248 branches and banking units, and 1,671 ATMs covering all governorates, while the number of the bank’s individual clients was 3.6 million.