Cairo – Mubasher
: Banque du Caire
reported a 66% year-on-year profit surge during the first nine months of 2019.
The lender’s net profits after taxes amounted to EGP 3 billion in the January-September period, compared to EGP 1.7 billion in the year-ago period, according to a statement on Monday.
The Egyptian bank’s loan portfolio grew by EGP 9.6 billion, or 14%, to EGP 76 billion at the end of the third quarter of 2019, when compared to the end of 2018, while the deposit portfolio rose by EGP 17.6 billion, or 14%, to EGP 149 billion at the end of Q3-19.
Net interest income increased by 33% to EGP 6 billion at the end of last September, while net income from fees and commissions grew by 39% to EGP 1.1 billion.
The loan-to-deposit ratio stood at 50.7% at the end of Q3-19, the bank’s chairman and CEO, Tarek Fayed, said, noting that corporate loan portfolio grew by 8% to EGP 40 billion at the end of last September.
In addition, the micro, small, and medium-sized enterprise (MSME) loan portfolio hiked by 56% to EGP 11.3 billion at the end of Q3-19, while the retail banking portfolio increased by EGP 2.5 billion, or 11%, to EGP 24 billion.
It is noteworthy that during the first half of 2019, Banque du Caire reported a 94% year-on-year profit hike to EGP 1.93 billion.
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