Banque du Caire posts 60% rise in net profit in 2019

The bank’s assets grew by 10% year-on-year

  
People stand in the line to make withdrawals outside Cairo Bank in downtown Cairo February 6, 2011.

People stand in the line to make withdrawals outside Cairo Bank in downtown Cairo February 6, 2011.

REUTERS/Amr Dalsh

Cairo – Mubasher: Banque du Caire reported a 60% year-on-year hike in its net profits after taxes during 2019.

The lender’s net profits after taxes stood at nearly EGP 4 billion last year, compared to EGP 2.5 billion in 2018, according to a statement on Monday.

The bank’s assets grew by 10% year-on-year to EGP 183.4 billion in 2019, supported by a 20% hike in loan portfolio which reached EGP 79.2 billion.

Meanwhile, the deposit portfolio increased by EGP 20 billion or 15% to EGP 151 billion in 2019.

The bank’s micro-, small-, and medium-sized enterprise (MSME) funding portfolio skyrocketed by 90% to EGP 13.7 billion, with micro funding reaching EGP 7 billion at the end of 2019.

In addition, the state-run bank’s mortgage portfolio rose by 25% to EGP 2.1 billion last year from EGP 1.7 billion in 2018.

It is noteworthy that during the first nine months of 2019, Banque du Caire’s net profits after taxes jumped to EGP 3 billion, compared to EGP 1.7 billion in the year-ago period.

Source: Mubasher

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