Banque du Caire posted net profits of over EGP 4.5bn in September 2023, compared to EGP 2.9bn in September 2022, indicating a remarkable growth rate of 57%. Pre-tax profits amounted to EGP 7.5bn, up from EGP 4.8bn, showing a growth rate of 57%.
As per the bank’s financial statements, net income from returns rose to EGP 12.4bn compared to EGP 9.2bn, indicating a growth rate of 35%. Net income from fees and commissions also increased to EGP 2.8bn compared to EGP 1.7bn, with a growth rate of 60%. Operating revenues reached EGP 15.7bn, up from EGP 11.3bn, indicating a growth rate of 39%.
Tarek Fayed, Chairperson and CEO of Banque du Caire, stated that the bank’s sustained outstanding performance confirms the effectiveness and flexibility of its policies and executive procedures. Fayed stressed the bank’s commitment to implementing ambitious plans that boost its role and position in the Egyptian banking sector.
Fayed underscored the importance of infrastructure investment as a key pillar for any aspiring institution to progress and contribute to overall stability and sustainable growth. He noted that Banque du Caire continued to invest in infrastructure, especially in technology and human resources, to offer the best banking services to customers.
According to Fayed, capital expenditures from the start of 2018 until the end of September 2023 totalled approximately EGP 5.1bn. The bank also managed to lower the cost-to-income ratio from 42.95% in September 2022 to 38.28% in September 2023. The bank maintained a capital adequacy ratio of 15.88%, achieving balanced growth across all business sectors, leading to total assets reaching EGP 380bn in September 2023, compared to EGP 322bn in 2022, indicating an 18% growth rate.
Customer deposits grew by EGP 24.3bn, growing at a rate of 10%, reaching EGP 274.5bn in September 2023, compared to EGP 250.2bn in December 2022. Total customer and interbank loan balances grew by EGP 30.3bn to reach EGP 170.8bn in September 2023, compared to EGP 140.5bn in 2022, with a growth rate of 22%. The ratio of total loans to deposits reached about 62%.
The number of debit, prepaid, and credit cards grew by 15% in the third quarter compared to the end of 2022, totalling approximately 3.4 million cards. The bank reported 2.7 million transactions through the electronic wallet, totalling EGP 3.9bn in transactions in the third quarter of 2023. The number of subscribers to mobile and internet banking reached about 677,000 clients.
Banque du Caire’s ATM network consists of around 1,670 machines, contributing to a total of approximately 47 million transactions valued at EGP 97bn in September 2023. The bank successfully attracted around 156,000 new clients in the third quarter of 2023, bringing the total number of individual clients to 3.8 million.
