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A branch of Banque Du Caire is pictured at the Upper Egypt city of Aswan, Egypt February 21, 2020.
Banque du Caire achieved net profits of EGP 8.6bn in September 2024, representing a 90% growth compared to September 2023. Operating income exceeded EGP 25bn. This strong performance was driven by improved results across various sectors, notably retail, treasury, corporate lending, and small and medium-sized enterprises (SMEs).
According to the bank’s statement, loan yields and similar income reached EGP 49.1bn in September 2024, a 38% increase from September 2023. The cost of deposits and similar income increased by 25%, resulting in a 62% growth in net interest income.
Net income from fees and commissions rose to EGP 4.2bn, compared to EGP 2.8bn, a 51% increase. Operating income reached EGP 25.1bn, up from EGP 15.7bn, a 60% growth, leading to a decrease in the cost-to-income ratio to 32% from 38%.
Administrative expenses increased by EGP 8bn in September 2024, a 34% growth compared to September 2023. This increase is primarily attributed to higher performance-related costs reflecting improved returns and continued investment and business growth.
The bank reported a 19% increase in total assets, reaching EGP 478bn in September 2024, compared to EGP 402bn at the end of December 2023.
The bank’s loan portfolio stood at EGP 216bn, a 20% growth during the first nine months of 2024. This growth was driven by an EGP 18bn (19%) increase in corporate loans and an EGP 10bn (14%) increase in individual loans.
Customer deposits increased by EGP 45bn to reach EGP 347bn, a 15% growth in September 2024, compared to EGP 302bn at the end of December 2023. Individual customer deposits accounted for 53% of total deposits, while corporate and institutional deposits comprised 47%.
Non-performing loans (NPLs) amounted to 4.79% of the total loan portfolio. The coverage ratio for NPLs was 148%, with loan loss provisions totalling EGP 15.3bn.
The bank’s Tier 1 capital adequacy ratio was 12.54% of risk-weighted assets in September 2024, and the total capital adequacy ratio was 16.32%. Liquidity ratios remained above regulatory requirements, with domestic currency liquidity at 29% and foreign currency liquidity at 109% in September 2024. The Net Stable Funding Ratio (NSFR) was 167%.
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