Banque du Caire reported a net profit of EGP6.7 billion ($141.34 million) in 2023, a significant increase from EGP3.1 billion ($65.39 million) in 2022, marking a 112 percent growth rate. The bank’s total assets also saw a substantial rise, growing by 25 percent to reach EGP402 billion ($8.48 billion).
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Tarek Fayed, chairperson and CEO, Banque du Caire, highlighted the bank’s robust performance, with pre-tax profits soaring to EGP11 billion ($232.08 million) from EGP5.6 billion ($118.15 million) the previous year, a 96 percent growth. He attributed these results to the bank’s strategic vision and sustainable practices, which have solidified its leadership in the sector.
Net income from returns climbed to EGP17.8 billion at the year’s end, up from EGP12.8 billion in 2022, reflecting a 39 percent growth. Similarly, net income from fees and commissions rose to EGP3.9 billion, up from EGP2.5 billion, a 58 percent increase. These gains contributed to operational revenues of EGP22.2 billion, a 41 percent increase from EGP15.8 billion.
The bank’s consolidated capital adequacy ratio stood at 17.35 percent, and the return on average assets improved to 1.8 percent, up from 1.1 percent. The return on average equity jumped to 24.1 percent, a significant rise from 15.1 percent, while the cost-to-income ratio decreased to 36.68 percent.
Fayed disclosed that the bank’s capital expenditures totaled approximately EGP5.3 billion from 2018 to the end of 2023.
Deposits
Customer deposits surged to EGP302.1 billion, a 21 percent growth, with individual deposits making up 54 percent and institutional deposits 46 percent. The total loan portfolio expanded by EGP39.3 billion to EGP179.8 billion, a 28 percent increase, with the loans-to-deposits ratio at 59.52 percent.
Loans to large corporations and banks grew by EGP14.4 billion to EGP81.4 billion, a 21 percent increase. The small and medium-sized project finance portfolio reached EGP24 billion, a 25 percent growth, and the micro-projects portfolio expanded by EGP3.3 billion, a 45 percent increase.
Retail banking growth, investment portfolio expansion
The retail banking portfolio grew to EGP63.9 billion, a 36 percent increase, and the investment portfolio in stocks and funds rose to EGP4.8 billion, a 20.7 percent growth. This growth is partly due to the bank’s expansion in Uganda and additional capital infusions of approximately EGP49 million into Cairo Leasing Company.
The bank also contributed 20 percent to the capital of Misr Company for Managing Investment Funds, while 10 percent of the capital of Herasat for Security Services was sold to the Agricultural Bank of Egypt to expand the company’s shareholder base and develop its business.
The bank continued its efforts in community development by supporting various vital sectors.
As a culmination of its successive achievements throughout 2023, the bank received numerous awards and advanced rankings from leading global evaluation institutions that set specific standards and criteria for selecting the best institutions worldwide.
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