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.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2019 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.